UK Government Publishes White Paper on Banking Reform

King, Peter

(June 20, 2012, Weil Alert)

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On 14 June 2012, the UK government published a White Paper giving details of its proposals for banking reform in the UK, which closely follow the recommendations of the Independent Commission on Banking chaired by Sir John Vickers (the "Vickers report"). As Vickers suggested, the UK is proposing to introduce a requirement for banks to "ring fence" certain retail activities and separate them from investment banking activities. This "ring fence" is effectively the UK’s version of the Volcker rule.