The HMTreasury white paper on banking reform represents the Government proposals in response to the Vickers Independent Banking Commission which recommended ring fencing the UK retail banks. The ACT has previously responded in detail to the Vickers Commission. In response to the white paper we concentrate on seeking to ensure that the ring fenced side of a retail bank would be allowed to continue to transact derivatives with its SME customers rather than forcing them to deal with the investment bank side.
