Independent Commission on Banking – Final Report Recommendations

Independent Commission on Banking – Final Report Recommendations, September 2011 [via Richard McKinney]

“The recommendations in this report aim to create a more stable and competitive basis for UK banking in the longer term. That means much more than greater resilience against future financial crises and removing risks from banks to the public finances. It also means a banking system that is effective and efficient at providing the basic banking services of safeguarding retail deposits, operating secure payments systems, efficiently channelling savings to productive investments, and managing financial risk. To those ends there should be vigorous competition among banks to deliver the services required by well-informed customers. These goals for UK banking are wholly consistent with maintaining the UKs strength as a pre-eminent centre for banking and finance, and are positive for the competitiveness of the UK economy. They also contribute to financial stability internationally, especially in Europe. The international reform agenda notably the Basel process and European Union (EU)
initiatives is making important headway, but needs to be supported and enhanced by national measures. This is especially so given the position of the UK as an open economy with very large banks extensively engaged in global wholesale and investment banking alongside UK retail banking. Indeed part of the challenge for reform is to reconcile the UKs position as an international financial centre with stable banking in the UK.”

BBC News – Banks face biggest shake-up for decades – “The most radical reform of British banks in a generation, and possibly ever, has today been proposed by the Independent Commission on Banking, set up by the Treasury.”

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