UK Parliament Wants Bank Ring-Fence 'Electrified'

Law360, New York (December 21, 2012, 5:12 PM EST) -- A U.K. parliamentary committee said Friday that regulators should have the power to split up banks if they violate the so-called ring-fence meant to separate a bank's commercial and investment banking units, saying the fence should be “electrified.”

In light of the still-burgeoning scandal over rigging of the London Interbank Offer Rate, the Parliamentary Commission on Banking Standards said the current proposal for putting a wall between a banks' operations was not strong enough to withstand intense lobbying from banks or clear enough to keep two...
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Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.