December 17, 2013 - The reform of Britain's baking industry cleared one of the final barriers to implementation as MPs gave their approval of the measures, which are aimed at tackling structural and cultural issues within the industry.

Experts have created the reforms after a lengthy legislative process following the financial crisis in 2007/8.

A number of mis-selling and rate fixing scandals followed, which led to attention being turned to the industry by regulators.

Some of the main features of the reforms are rules to force banks to separate retail and investment activities and new measures to make senior figures more accountable for the actions of their institution.

Sajid Javid, the minister in charge of the bill, said the approval is a "major milestone" and marks the end of a long government-led programme to improve the strength and safety of the UK banking sector.

The bill also introduces new rules to make sure bankers' bonuses are paid over a longer period of time, in a bid to stamp out excessive risk-taking.