The White Paper, which details how the Government will implement the recommendations of the Independent Commission on Banking (ICB), offers further detail on plans to separate retail and investment banking through a ‘ring-fence’ and increase competition in the banking sector. It sets out proposals to make banks more resilient, as well as making them simpler to resolve in the event of failure.
In an oral statement to Parliament, Mark Hoban, Financial Secretary to the Treasury, said:
“Our proposals are ambitious in scale, but balanced in impact. They promote financial stability while supporting sustainable growth and the role of the UK as the world’s leading international financial centre.”
Draft legislation will now follow in the autumn, and the White Paper reconfirms that all legislation will be in place by the end of this Parliament in 2015.
Press release
White Paper
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