/

Nematrian Reference Library

[this page | back links]

Set out below is information (held by the Nematrian website) on the reference you have selected

Summary "Ever since the Northern Rock Bank failed in September 2007, the UK financial regulatory authorities have looked at how they operate and whether changes were needed to the existing system. The deepening crisis in 2008 and 2009 expanded the breadth of this review both in the UK and across the world. New legislation in the form of the Financial Services Act 2012 has been passed. This established the new regulatory framework for the financial services industry. In parallel with the passage of that legislation was the publication of the Report of the Independent Commission on Banking headed by Sir John Vickers. Vickers looked at solutions to the ‘too big to fail’ banking conundrum, as well as at issues connected with competition in banking. The main features proposed by the Vickers Commission were intended, with government approval to go forward to form the basis of a further financial services Bill. However, following revelations about serious irregularities by high profile banking organisations in connection with LIBOR and related indexes, the Government established a further body - the Parliamentary Commission on Banking Standards, to look at banking in its broadest economic, regulatory, cultural (moral) and social context and to make recommendations. This note summarises ‘Vickers’ and outlines the new observations and recommendations of the Parliamentary Commission. Many of the recommendations of Vickers and of the Commission, were given effect by provisions in the Financial Services (Banking Reform) Act 2013."

See here to choose a new Category/Sub-Category or here for a list of all references held by the Nematrian website. Please contact us if any of the above material is inaccurate or if there are references you think should be included that we have excluded or vice-versa.

---