24 March 2009
The Financial Services Authority (FSA) has recommended a number of changes to banking rules in order to prevent a repeat of the events that led to the recession.
FSA chairman Lord Turner has set down a number of `profound` proposals on lending, as well as measures to prevent banks from taking excessive risks, according to the BBC.
If successful, the proposed measures could help to prevent the kind of debt problems that have affected banks, businesses and individuals alike over the past 18 months.
A debt expert for Think Money commented: "The new rules proposed by the FSA would change the way banks operate, and could help the economy avoid running into the same problems again.
"In the long term, that means better conditions: good levels of lending from banks and other financial institutions, and a reduced likelihood of so many people falling into debt."
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