The government is taking steps to protect our money from any future banking crisis.
The Chancellor of the Exchequer, George Osborne, is to announce later today a shake up of how the British banking industry works.
Banks will have to 'ring fence' their high risk investment activities away from their ordinary banking services. This means that people's current accounts should not be at risk from any losses made by bank's casino style investments on the rise of stocks and shares.
In addition, banks will also be required to stockpile reserve funds so that they would be able to bail themselves out in future.
However West Yorkshire investment manager David Battersby, from Red Mayne Bentley Stockbrokers is concerned that the government has not thought the proposals through. He told BCB news that it could have some worrying knock on effects on customers.
Banksbattersby online cut by BCB News
The Chancellor is also expected to announce the privitisation of Northern Rock. The bank was publicly bailed out by the government and its sale means that the government will be getting its money back.
David Battersby told BCB why this was so significant.
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