Government White Paper on Banking Reform
The UK Government published its long awaited White Paper on Banking Reform last Thursday. The White Paper is broadly intended to implement the fundamental reform proposals of the Independent Commission on Banking (ICB) which were published last September by requiring a ring-fencing of retail banking operations from riskier investment banking operations as well as imposing further loss absorbing capital requirements on certain banking operations.
Overall, subject to one or two notable exceptions, the UK Government has committed itself to implementing the ICB’s recommendations. However, many significant points of detail have yet to be finalised, and the UK Government will be seeking views from banks and others on the subject matter of the White Paper. Please note that the deadline for submitting comments to the UK Government is 6 September 2012.
Please let us know if we can assist with any queries arising from the White Paper.