Banking reform is the second key pillar of the Government's programme for reform of the financial sector to address the weaknesses exposed by the financial crisis of 2007-09. The first pillar of this programme, reform of financial services regulation, has been legislated in the Financial Services Act that received Royal Assent in December 2012 (2012 Ch. 21, 9780105421122). The Government is now legislating to reform the structure of the UK banking system, through the Financial Services (Banking Reform) Bill (HCB 130, session 2012-13, ISBN 9780215053794) which implements key recommendations of the Independent Commission on Banking, including ring-fencing retail deposits from wholesale banking activities and depositor preference. This document accompanies introduction of the Bill and includes the Government response to the first report of the Parliamentary Commission on Banking Standards (PCBS), which conducted pre-legislative scrutiny on the draft Bill. The response explains where the Government has amended the Bill and includes and impact assessment for the Bill, along with the opinion of the independent Regulatory Policy CommitteeTo reflect the flexible nature of the ringfence, banks were left free to decide whether permitted activities (for example ... Hoa#39;digigods Ca pltal (Apy) Ca pital (Ap2) Non-Ring-Fenced Bank Ring-Fenced Bank (Diagram NOT drawn to scale)anbsp;...
|Author||:||Great Britain: H.M. Treasury|
|Publisher||:||The Stationery Office - 2013-02-04|