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Bank Charges: George Osborne says big banks could be broken up

Chancellor George Osborne has said that big banks will be separated if they do not follow the government’s new legislation on ring-fencing risky operations.

This legislation was announced as part of the new Banking Reform Bill, which has been introduced in Parliament. It calls for banks to separate high street banking from any risky investments, thus ring-fencing against any financial losses.

By implementing this legislation, taxpayers will no longer have to bail banks out as they have been required to during the financial crisis.

The suggestion to ring-fence financial operations and dissolve banks who failed to follow the new regulations came from the Independent Commission on Banking. One of the aims of the Commission was to find ways to reduce financial risks in banks.

As part of the Banking Reform Bill, new chief executives will be appointed for high street banks and a watchdog will be put in place.

Customers who wish to switch their accounts to a rival bank will also be able to do so within a week.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801534203-ADNFCR

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