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Loan Protection: Big UK banks could be broken up

The UK's biggest high-street banks could be split up in a bid to increase competition, it has been revealed.

The government's Independent Commission on Banking (IBC) has released a new report which claims the body will look at splitting investment and retail banking divisions.

It claims the recession and the merger of Lloyds and HBOS has seen competition levels drop as there are fewer banks in the British financial sector.

Furthermore, the IBC will consider whether current European regulations, which require bailed out banks to offload non-core assets, could be taken further.

IBC chairman John Vickers confirmed that no decisions have been and welcomed suggestions on what reforms should follow.

He said: "Experience shows that the risks from not asking hard questions about financial stability and competition are far greater than from doing so.

"Questions about the structure of banking need to be debated in an open, rational way, and we would like to invite anyone with an interest to provide us with views and evidence."

Posted by John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance. ADNFCR-2776-ID-800082423-ADNFCR



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