The UK’s Independent Commission on Banking (the “Commission”) published its much anticipated interim report (the “Report”) on 11 April 2011. The Commission was established by the UK government in June 2010 under the chairmanship of Sir John Vickers with the task of examining possible structural and related non structural measures to promote stability and competition in UK banking. In September 2010 the Commission published an Issues Paper1 which, on top of suggesting possible options for reform, was also a call for evidence. The Report sets out the Commission’s provisional views on possible reform options and seeks further feedback and submissions in response to it. The Commission will make its final recommendations in September 2011 to the Cabinet Committee on Banking Reform.
We summarise below the principal features of the Report.
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