UK Vows Bank Structure Reforms By 2015

Law360, New York (December 19, 2011, 6:26 PM EST) -- The British government plans to pass laws by 2015 forcing banks to separate investment and consumer businesses, giving full backing to recommendations issued by the Independent Commission on Banking, the U.K. treasury announced Monday.

The new legislation will fundamentally reform the structure of banking in the UK by establishing a ring fence of sorts around operations targeted at individual consumers and small businesses, following the recommendations set out in a Sep. 12 plan by the ICB, a group set up last year by Prime Minister David...
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