Chancellor George Osborne should resist pressure from banks to reverse planned reforms of the financial sector, consumer group Which? has said. Mr Osborne is creating a new watchdog that Which? says should protect consumers from "rip-off" charges. The Financial Services Bill will mean the replacement of the Financial Services Authority by two new bodies. The British Bankers' Association denied lobbying Mr Osborne and said banks appreciated the need for the bill. The Financial Services Bill is due before the House of Lords and a banking reform White Paper is due out. Banks have claimed that the reforms may prompt big financial institutions to leave the UK. Which? says the government must ensure consumers are sufficiently protected from a recurrence of the banking collapse that led to a costly public bailout.....Read more here: Bank reforms must press ahead, says Which?