UK Bank Split Law Needs Revisions, Watchdog Says

Law360, New York (March 11, 2013, 2:52 PM EDT) -- Proposed U.K. legislation designed to put up a barrier separating a bank's commercial and investment units may not be strong enough to discourage institutions from engaging in risky trading and needs further revision, a British parliamentary commission said Monday.

According to the Parliamentary Commission on Banking Standards report, the British government had taken on a number of the commission’s recommended changes before introducing the banking reform bill Feb. 4, including the key step of giving a regulator the power to split up banks.

The government, however,...
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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.