On 12 October, the UK Government published draft legislation to implement key elements of the Independent Commission on Banking's recommendations. This marks the latest milestone in the UK Government's reforms of the banking system.
The draft Banking Reform Bill, which will now be scrutinised by the Parliamentary Commission on Banking Standards prior to its formal introduction into Parliament, delivers on the Government’s timetable for implementation of the ICB’s recommendations, as set out in the June White Paper.
The Government remains on track to have all legislation in place by the end of this Parliament. Banks will be required to comply with all aspects of the ICB’s recommendations from 2019.
The Financial Secretary to the Treasury, Greg Clark said: “We want to ensure that taxpayers are protected whilst retaining our status as a global financial centre. The Government remains on course to have all ICB legislation in place by the end of this Parliament.”
Press notice
Draft Financial Services (Banking Reform)
© HM Treasury
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