The reforms Kemi Badenoch announces today will see the end of ringfencing and the end of an unfair international disadvantage imposed through capital requirements set by regulators. This is only the start. We will go further

Kemi Badenoch will argue that the City has not been championed by governments and that there was a "risk averse" culture in the UK.

The Tory leader will call for the Financial Service Ombudsman to be replaced in a speech on Thursday.