Opening the bill's second reading debate, Mr Darling told MPs the current economic turmoil owed much to regulatory failings.

BBC: Financial Services Bill

Mr Darling acknowledged that the powers outlined in the bill were tough but he argued they were necessary in the light of the threat of organised fraud.

BBC: People queue in a benefits office

And former Chancellor Alistair Darling will give his thoughts on bank regulation to the Joint Committee on the Draft Financial Services Bill.

BBC: Viewing guide: The coming week's highlights in Parliament