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The Vickers Commission proposed a fundamental change in the way that banks in the UK are organised. The main change is that a 'ring fence' would separate retail 'utility ' banking work from a range of investment banking and corporate finance activities. It also proposes that banks retain higher capital and loss absorbing reserves than is currently proposed under the Basel rules. The Government has accepted the Commission's main proposals. Many of the recommendations of Vickers and of the Parliamentary Commission on banking standards (also discussed here) were given effect by provisions in the Financial Services (Banking Reform) Act 2013.


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