Mandelson on "tougher" bank rules

Proposals aimed at overhauling the rules governing UK banking and stopping a repeat of the financial crisis are to be unveiled by the City watchdog.

Financial Services Authority chairman Lord Turner will put forward new rules on lending and seek to restrict banks' ability to take excessive risks.

Business Secretary Lord Mandelson told the BBC that the regulatory regime had failed to keep pace with the "profound" changes which were taking place within the global financial system.