Unsolicited credit card cheques are to be banned under upcoming government legislation.
The Financial Services Bill, announced as part of the Queen's speech today (November 18th), includes various measures aimed at encouraging responsible borrowing from consumers in the wake of the credit crunch.
Credit card cheques will have to be specifically requested by customers after the bill enters UK law.
The legislation also includes enhanced powers for the Financial Services Authority (FSA) over bankers' pay.
In addition, a new financial education service, aimed at enhancing consumer knowledge about bank products and services, is to be set up.
Financial services firms will also have to make "living wills" to assist the government in the event of future crises similar to the global credit crunch.
The documents would give the authorities information to help them wind down the businesses more easily.
Living wills could therefore eliminate the complaint that some banks are currently "too big to fail" and must instead be given costly taxpayer-funded bailouts if they get into financial trouble.
The Financial Services Bill, announced as part of the Queen's speech today (November 18th), includes various measures aimed at encouraging responsible borrowing from consumers in the wake of the credit crunch.
Credit card cheques will have to be specifically requested by customers after the bill enters UK law.
The legislation also includes enhanced powers for the Financial Services Authority (FSA) over bankers' pay.
In addition, a new financial education service, aimed at enhancing consumer knowledge about bank products and services, is to be set up.
Financial services firms will also have to make "living wills" to assist the government in the event of future crises similar to the global credit crunch.
The documents would give the authorities information to help them wind down the businesses more easily.
Living wills could therefore eliminate the complaint that some banks are currently "too big to fail" and must instead be given costly taxpayer-funded bailouts if they get into financial trouble.
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