Chair of banking commission announced
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The chancellor of the exchequer today announced that Sir John Vickers will chair the Independent Commission on Banking.
The Commission will formulate and recommend policy with the aim to reducing risk in banking by reducing the risk and impact of firm failure and promoting competition in retail and investment banking.
It will also explore the issue of separating retail and investment banking and how banks can be run for the benefit of consumers and businesses.
The chancellor says the nation needs a proper debate about the future structure of banks and welcomed Sir John to his new role.
He says: “The Coalition Government will deliver on its promise to establish an independent Commission on Banking and I am delighted to announce that Sir John Vickers will chair the commission. He has the experience, integrity and independence required to lead this debate.”
Full membership is set to be announced shortly with people from business, competition, banking and regulation expected to be involved.
The Commission will report to the cabinet committee on banking chaired by the chancellor with business secretary Vince Cable as deputy.
The government sets out its broad goals as financial stability, increasing lending, consumer choice, the competitiveness of the UK economy and the risks to the government’s fiscal position.
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