View more on these topics

Osborne to back retail bank ring-fencing

George Osborne is set to back Sir John Vickers’ proposals to ring-fence banks’ retail operations by building up a 10 per cent capital buffer.

The Chancellor will accept the Independent Commission on Banking’s recommendation, made in its interim report in April, that large banks’ retail arms should hold capital equal to 10 per cent of risk-weighted assets in his Mansion House speech in London today.

The reform is designed to protect retail savers if the banks’ riskier investment banking operations fail.

Osborne (pictured) is also expected to urge British bankers opposing the reform to engage with the Government on details of how the new system will work in practice.

The ICB’s final report will be published in September.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com