Britain's financial services watchdog has proposed sweeping changes to the way banks are regulated to stop a repeat of the financial crisis, demanding greater powers Wednesday to oversee both the "shadow" and conventional banking systems.
Blaming an "exaggerated faith in rational and self-correcting markets" for the global economic collapse, the Financial Services Authority recommended new rules on a wide range of issues from increased capital reserve requirements for banks to stricter controls on bankers' bonuses to discourage excessive risk taking.
The report, which also called for a new European regulatory body and a global agreement …
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