City faces more new rules from regulator

The Financial Services Authority yesterday confirmed plans to enforce new rules on traders and bank directors.

The proposals will mean greater scrutiny of both groups in the future, with the potential that more will find the regulator turning them down for jobs. However, the law firm CMS Cameron McKenna warned that the shake-up meant the FSA was going beyond what Parliament had intended. The FSA has been criticised for not doing enough to prevent Britain's banking crisis.