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Bank charges: Commission criticises Reform Bill

The Banking Reform Bill, which was put up for debate yesterday, has been criticised by the Parliamentary Commission on Banking Standards.

It felt the new Bill is not tough enough on banking standards.

The Commission had proposed that the retail and investment arms in banks should be ring fenced and that they should be able to separate banks if they fail to follow with this regulation.

While the government accepted the proposal for ring fencing, it rejected the idea that banks should be separated.

Should power be granted to separate banks, this would only have been possible following an independent review and would need to be granted express approval from the Treasury.

The Commission felt that this had been rejected out of concern that too much power would be given to regulators.

These reforms were suggested as a way to protect against a future financial crisis as retail banking would not be affected by risky investments. This would mean that taxpayers would no longer have to bail banks out.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801554887-ADNFCR

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