UK banks will face tougher regulation and consumers will get more protection, under reforms to the financial system proposed by the chancellor.
Alistair Darling outlined a new council to oversee financial stability, but kept the current system of regulation.
Shadow chancellor George Osborne said the government's reforms were an "inadequate response" to the crisis.
He said the Conservatives would abolish the current system and give supervision powers to the Bank of England.
Mr Darling reinforced the tripartite regulation system between the Bank of England, the Financial Services Authority (FSA) and the Treasury, which was introduced by Labour in 1997.
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