Independent Commission on Banking’s Final Report – September 2011

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Overview

On 12 September 2011, the Independent Commission on Banking (the "ICB") published its Final Report in which it sets out its recommendations for banking reform in the UK. The Final Report indentifies two broad areas of reform: (i) financial stability, and (ii) competition. Below is a summary of the key messages contained in the Final Report.

Background to the report

The ICB was established by the government in June 2010 to consider the options for the reform of the UK banking system. It was asked to report to the Cabinet Committee on Banking Reform by the end of September 2011.

In April 2011, the ICB published its Interim Report in which it set out its provisional views on reform. The Final Report builds on the Interim Report and the responses to the ICB's consultation on reform options. The ICB's final recommendations emerge against a backdrop of sovereign debt problems and general economic weakness in the UK and Europe.

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