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UK banking sector reform – timeline | UK banking sector reform – timeline |
(about 1 hour later) | |
16 June 2010 | 16 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 2011 | 11 April 2011 |
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 2011 | 12 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 2011 | 19 December 2011 |
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 2012 | 14 June 2012 |
The government publishes a white paper on reforms. | The government publishes a white paper on reforms. |
Autumn 2012 | Autumn 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. |
2013 | 2013 |
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. | |
2015 | 2015 |
Final legislation is due to allow reforms to be enacted. | Final legislation is due to allow reforms to be enacted. |
2019 | 2019 |
The deadline for all reforms to be in place. | The deadline for all reforms to be in place. |
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