Sweeping changes proposed to UK banks

Sweeping changes proposed to UK banks Britain’s banks face an annual bill of as much as £7bn ($9.5bn) to comply with the reforms of the Vickers Commission, according to the panel’s final report into the reform of banking in the UK.

As foreshadowed, the central recommendation of the Independent Commission on Banking, chaired by Sir John Vickers, is that banks’ core operations – including consumer deposits and small business lending – must be ringfenced from the rest of their businesses. The ringfenced entity must also have its own board of directors.

http://link.ft.com/r/G8OTZZ/30AEY6/A7ZW81/97ASDQ/WTGVTB/82/h?a1=2011&a2=9&a3=12