Overview

On 12 September 2011, the Independent Commission on Banking published its much anticipated final report setting out recommendations on reforms to improve stability and competition in the UK banking industry. The final report made it clear that whilst the international reform agenda, particularly Basel III and the numerous EU regulatory initiatives had made important headway following the financial crisis they did not go far enough in the ICB's view and needed to be supported and enhanced by additional national measures. This round up of financial services news discusses the Government's response to the ICB's final report and recommendations.

Also included in the round up are amendments to the 2007 money laundering guidance and proposed regulatory capital disclosure requirements issued by the Basel Committee.