This white paper and draft Bill present more detailed proposals for financial regulation reform following on from the consultation paper 'A new approach to financial regulation: judgment, focus and stability' (July 2010, Cm. 7874, ISBN 9780101787420); 'A new approach to financial regulation: building a stronger system' (May 2011, Cm. 8012, ISBN 9780101801225) and continuing policy development by the Treasury, Bank of England and Financial Services Authority. Responsibility for financial stability will rest within the Bank of England, in a new macroprudential body, the Financial Policy Committee, and a new micro-prudential supervisor, the Prudential Regulation Authority. Responsibility for conduct of business will sit with the new Financial Conduct Authority, with the mandate and tools to be a proactive force for enabling the right outcomes for consumers and market participants, including through the promotion of competition. Final responsibility for the overall regulatory framework, and the protection of the public finances remains with the Treasury, and the Chancellor of the Exchequer. An Independent Commission on Banking has also been established to consider what steps should be taken to deal with systemically important banks, alongside the question of whether and how competition in the banking sector should be improved. The Commission proposes: that the most systemically important banks hold additional capital to the Basel III minimum, to make them better at absorbing losses and less likely to fail; 'bail-in' instead of bail-out - so that private investors, not taxpayers, bear the losses if things do go wrong; and putting a ring-fence around high street banking to make it safer and to make it easier to allow a bank to fail without disrupting crucial banking services.