The Independent Commission on Banking (ICB) has made a series of recommendations in its report led by Sir John Vickers. Here are some of the key points.
- Retail banks should be ring-fenced and should be separate legal entities with an independent board.
- Only these ring-fenced banks should be able to take deposits from individuals and small businesses.
- Retail banks should be banned from providing certain, more risky services.
- People who wish to move banks and switch their accounts should be able to do so in seven days, and for free.
- UK banks should hold more cash. This is defined as at least 10% of its ‘risk-weighted assets’.
- UK banks should also have a ‘loss-absorbing capacity’ of at least 17%-20%.
- Reforms proposed in the report should be implemented by the beginning of 2019.
- The Government should ensure Lloyd’s Banking Group’s sale of 632 branches leads to the emergence of a ‘strong challenger bank’.
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