Radical changes proposed for UK banks
Monday 11th April 2011
The retail operation of UK banks should be kept "ring-fenced" from their investment banking arms, according to recommendations from the Independent Commission on Banking.
But it does not say they should operate as two completely separate entities.
Other interim recommendations include more competition in retail banking - with more Lloyds branches sold off.
Its final recommendations will be published in September.
Commission chairman Sir John Vickers said the report would make sure taxpayers were "off the hook" if a bank got into trouble in future.
Bank shares rose on news of the proposals.
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