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NewsExpert: Consumers will benefit from ICB recommendations
Expert: Consumers will benefit from ICB recommendations
Posted by Emily Swanson
Britons will benefit if reforms put forward by the Independent Commission on Banking (ICB) are implemented into the country's financial system, an expert believes.
Under proposals made by the body - which is led by Sir John Vickers and was established by the government in June 2010 - the retail banking parts of high street financiers would be ring-fenced off from their commitments in other markets.
It is hoped such action will prevent any repeat of the recent global economic downturn, in which several of the country's foremost lenders were able to put their customers' cash at risk through making investments with it elsewhere.
Chancellor George Osborne has offered his backing to these prospective alterations and Sarah Brooks, head of financial services at Consumer Focus, insists they will make for a much-improved banking sector.
"It is welcome that the ICB recommends a banking system based on old-fashioned principles - better capitalised, less leveraged and focused on the needs of its customers," she noted.
12/09/2011 16:15
News category: Consumer