UK: financial reporting by banks and other credit institutions

The Financial Services Authority has published a consultation paper titled "Enhancing financial reporting disclosures by UK credit institutions". It has also announced that major UK headquartered banks have agreed to implement what it describes as a "tough" new code for financial reporting disclosure. According to the FSA:

The code forms part of proposals, designed to enhance investors’ confidence in financial reporting and to aid their ability to compare and contrast banks’ performance. It is based on an overarching principle that UK banks are 'committed to providing high quality, meaningful and decision-useful disclosures to users to help them understand the financial position, performance and changes in the financial position of their businesses'. The FSA is inviting views on the application of this code to banks and other credit institutions. In the meantime, the major banks, at the FSA’s request, have agreed to implement the code in their 2009 year end annual reports".