The UK's major banks have agreed to a "tough new code" on financial reporting disclosures.
Drawn up by the Financial Services Authority (FSA), the new rules are aimed at addressing problems identified during the financial crisis.
Although the FSA is still considering how the code should be applied to some credit institutions, the country's major high street banks have agreed to implement it for their 2009 results.
Paul Sharma, director of prudential policy at the body, said: "The tough disclosure code published today puts UK banks further ahead of the game internationally in addressing these concerns.
"But when applying this code to their 2009 year end accounts, the FSA expects firms to achieve significant improvement in the quality and comparability of disclosures."
If it does not have the desired effect, then the FSA will look at introducing more detailed disclosure templates in the future, he added.
The FSA has consider a range of regulatory changes in the wake of the credit crunch.
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