This article is from the source 'guardian' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.guardian.co.uk/business/2012/jun/14/uk-banking-sector-reform-timeline

The article has changed 2 times. There is an RSS feed of changes available.

Version 0 Version 1
UK banking sector reform – timeline UK banking sector reform – timeline
(about 1 hour later)
16 June 201016 June 2010
The chancellor, George Osborne, announces the creation of the Independent Commission on Banking (ICB), chaired by Sir John Vickers.The chancellor, George Osborne, announces the creation of the Independent Commission on Banking (ICB), chaired by Sir John Vickers.
The commission is asked to consider reforms to the UK banking sector to promote financial stability and competition.The commission is asked to consider reforms to the UK banking sector to promote financial stability and competition.
11 April 201111 April 2011
The ICB publishes its interim report, recommending retail business should be ring-fenced from so-called "casino" banking to protect savers and borrowers in the event of a future crisis. The ICB publishes its interim report, recommending retail business should be ringfenced from so-called "casino" banking to protect savers and borrowers in the event of a future crisis.
The commission says Lloyds Banking Group should go further to address competition concerns and sell off more than the 632 branches it initially agreed with Europe.The commission says Lloyds Banking Group should go further to address competition concerns and sell off more than the 632 branches it initially agreed with Europe.
Measures to make bank account switching easier should also be introduced to improve competition, says the ICB.Measures to make bank account switching easier should also be introduced to improve competition, says the ICB.
12 September 201112 September 2011
A final report is published by the ICB.A final report is published by the ICB.
The ICB sticks by its earlier recommendations, but there are fears raised that the estimated £4bn-£7bn cost of implementing the changes will be passed on to banking customers. The ICB stops short of recommending that Lloyds sells more than the 632 branches already proposed.The ICB sticks by its earlier recommendations, but there are fears raised that the estimated £4bn-£7bn cost of implementing the changes will be passed on to banking customers. The ICB stops short of recommending that Lloyds sells more than the 632 branches already proposed.
19 December 201119 December 2011
Osborne responds to the ICB proposals, which are largely rubber stamped. Osborne responds to the ICB proposals, which are largely rubber-stamped.
He confirms final legislation due in 2015 to allow reforms to be enacted, with phasing in of new rules by a final deadline of 2019. Some changes are due earlier, such as making it easier to switch bank accounts, by September 2013. A consultation is launched on the government proposals.He confirms final legislation due in 2015 to allow reforms to be enacted, with phasing in of new rules by a final deadline of 2019. Some changes are due earlier, such as making it easier to switch bank accounts, by September 2013. A consultation is launched on the government proposals.
The chancellor also reveals plans to further scale down the investment banking arm at RBS and shift the taxpayer-backed bank's focus to the UK.The chancellor also reveals plans to further scale down the investment banking arm at RBS and shift the taxpayer-backed bank's focus to the UK.
14 June 201214 June 2012
The government publishes a white paper on reforms.The government publishes a white paper on reforms.
Autumn 2012Autumn 2012
Draft legislation is due, with final legislation set to be in place by the May 2015 election.Draft legislation is due, with final legislation set to be in place by the May 2015 election.
20132013
Changes on bank account switching are due to come into effect. Banks will have to transfer accounts within a set time period – likely to be set at seven working days – and will also have to provide a redirection service for direct debits and credits from old accounts to new ones for more than a year at no cost to customers. Changes on bank account switching are due to come into effect. Banks will have to transfer accounts within a set time period – likely to be set at seven working days – and will also have to provide a redirection service for direct debits and credits from old to new accounts for more than a year at no cost to customers.
20152015
Final legislation is due to allow reforms to be enacted.Final legislation is due to allow reforms to be enacted.
20192019
The deadline for all reforms to be in place.The deadline for all reforms to be in place.