The financial services sector has a vital role to play in the UK economy. The sector is, of course, one of the UK's leading employers, exporters, and contributors to GDP. Banks, insurance companies and other financial institutions also play a fundamental role in transforming savings into productive investment in the economy, and in allowing the efficient management of risk. The reforms to UK regulatory institutions announced by the Government last June, and set out in more policy detail in this document, are part of a wider picture. The Government, supported by the Bank of England (the Bank) and the Financial Services Authority (FSA), has also played a leading role in the international programme of reform. Furthermore, the Government has also established the Independent Banking Commission, chaired by Sir John Vickers, to consider the structure of the UK banking market, including the question of whether to separate retail and investment banking, and questions of competition in banking.
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