18 Nov No inclusion of Vickers Reforms in financial services bill
On Tuesday, in was announced by the Chancellor of the Exchequer George Osborne that the financial services legislation that is before parliament won’t include the sweeping overhaul of the U.K. banking industry that will see banks' retail businesses ringfenced from their investment-banking arms.
Although, Bill, Osborne said he is "absolutely committed" to putting into legislation the ringfencing recommendation that was made by the Independent Commission on Banking, he said the inclusion was more appropriate that it was done in separate legislation rather than in the Financial Services Bill.
Osborne said: "To shoehorn into this very crucial legislation, which is about how we as a nation supervise financial services, hastily drafted clauses that would implement the ringfencing part of the Vickers report would have been a mistake and would have risked creating poor legislation."
In mid-December, the formal response to the ICB would be published by the government, said the chancellor.