Comments on the White Paper

Stephen Haddrill, director general of the Association of British Insurers, said: "It is clear there were serious failings and all elements of the Tripartite system have to work better, now more than ever. On balance, the chancellor is right to resist the temptation to dismantle the Tripartite arrangement and start again."

Richard Saunders, chief executive of the Investment Management Association, said: "Most of the objectives set out are laudable, but there are still lots of details to be worked through, whether on the operation of the Financial Stability Council or capital buffers at banks."

Robert Sinclair, director of the Association of Mortgage Intermediaries, said: "We disagree with the conclusion of the Treasury report that the key characteristics of competition in the mortgage market have not been affected. We need to see an increase in the number of lenders or at least increased levels of lending among those in the market."

Angela Knight, chief executive of the British Bankers' Association, said: "Banking is a global business and reform needs to be thoughtfully handled so moves in the UK dovetail with those overseas ensuring the UK sector remains competitive, otherwise business could move away."

Vince Cable, Treasury spokesman of the Liberal Democrats, said: "This is not so much a White Paper as a blank paper. While the government has sensibly copied certain short term aspects of the Turner review, it has failed to take action on the semi-nationalised banks."

Otto Thoresen, chief executive of Aegon, said: "The prospect of a new agency looking after all aspects of financial capability is exciting. It has a stronger, more focused remit, and is an opportunity to raise the profile of this vital work nationally."