In 2010, the Independent Commission on Banking received a mandate from the government of the United Kingdom to research and recommend changes to its banking system that would encourage competition and provide greater assurances of financial stability. Economist Sir John Vickers led the commission, which issued its final report after months of study, interviews and consultations with bankers, regulators, financial experts and market participants. The “Vickers Report” points to sweeping changes ahead in the structure and behavior of UK banks. In February 2013, legislators in Parliament introduced the Financial Services (Banking Reform) Bill, which includes several of the commission’s proposals. getAbstract recommends this seminal document for its clear portrayal of a major Western economy’s response to the 2008 fiscal crisis and its recommendations for ensuring the ongoing stability of financial institutions.
In this summary, you will learn
- What role the Independent Commission on Banking fulfilled for the government of the United Kingdom,
- What its assessments of the UK banking market revealed and
- What bank reforms the commission recommends.
About the Author
The UK government set up the Independent Commission on Banking in June 2010 in order to study and recommend bank reforms. Economist Sir John Vickers was the commission’s chairman.