RTTNews - U.K. Chancellor of the Exchequer, Alistair Darling will say later on Wednesday that the focus of banks should be on long term wealth creation, not short term profits, reports said citing advance extracts of his speech. He is also set to signal that the overhaul of the U.K. financial regulatory system would be limited.

In his annual address at Mansion House, he will say the process of learning lessons has to start in the boardroom. Bank boards must have the right people, skills and experience to manage themselves effectively, Darling will say.

He would like to focus on improving the quality of regulators and the abilities of people on the banks' board.

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