Clifford Chance
UK Independent Commission on Banking Publishes Final Report
12 September 2011
The Independent Commission on Banking (ICB) was appointed by the UK government last year. The ICB published its Final Report on Monday 12 September. The Final Report recommends that, by early 2019, UK retail banking activities should be ring-fenced into separate subsidiaries and that both ring-fenced banks and wider financial institution groups should be subject to capital requirements that are stricter than those required by Basel III standards.
The broad content of the ICB's Final Report was foreshadowed by the ICB's Interim Report in April (see our briefing note: "The UK Independent Commission on Banking's Interim Report", April 2011). Summaries of the key proposals are set out in Boxes 1 to 3 and the rest of this briefing focuses on the features of the ICB's reports that were not expressly anticipated by the Interim Report.
