Alistair Darling is set to ask bankers to crack down immediately on bonuses in a key speech to Labour's conference.
The chancellor is to bring in new laws in the autumn but will say to bankers that there is no need to wait for legislation and they should act now.
Labour is using its week in Brighton to launch a fight back against the Tories, claiming it is now the "underdog".
But there was controversy on the first day as the prime minister was quizzed on his health on the BBC's Marr show.
Mr Darling is to tell the conference in Brighton that he is acting together with French Finance Minister Christine Lagarde and is hopeful that countries around the world will push the guidelines agreed at last week's G20 conference in Pittsburgh.
He will say: "Within months, the country faces a big choice. A choice not just about who's in government but about values that will shape our country and the opportunities for our people. A choice that will affect every area of our lives, every aspect of our future.
"Let me assure the country - and warn the banks - that there will be no return to the business as usual for them. So in the next few weeks we will introduce legislation to end the reckless culture that puts short-term profits over long-term success.read more
