"This is taxing the federal courts, as we predicted, " says John Stoia, a member of the panel and attorney who has represented insurance policyholders in more than 40 cases against such companies as Prudential (nyse: PRU - news - people ), New York Life and Transamerica Life Insurance.

FORBES: Class-Action Law Gums Up Courts

Lord Turner says that the conventional institutions that we look to provide stability for the financial system and the economy - micro-prudential regulators such as the FSA or central banks like the Bank of England - don't have adequate tools for the task.

BBC: Bank lending 'should be controlled'

Andrew Tyrie, chairman of the Treasury Select Committee, told the BBC that Mr Carney "ticks all the boxes" but added that his committee would question him on matters such as how he will approach macro-prudential stability and what his views on quantitative easing are.

BBC: Mark Carney named new Bank of England governor

Online newcomers such as internet banks Egg and Smile (run by the Prudential and the Coop Bank respectively) have offered cheaper rates which threaten to cut existing margins.

BBC: Third time lucky for Bank of Scotland