The Vickers report
Chambers-Jones, C. (2011) The Vickers report. Business Law Review, 32 (11). pp. 280-292. ISSN 0021-9460
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The banking crisis (2007-8) in the UK has led to plethora of banking regulations and reforms. For example we have had the Run on the Rock report into Northern Rock, the Banking Act 2008, then Banking Act 2009. Following on from these legislative reforms, the Turner Report 2008 and the Walker Report 2009 all outlined culprits that were said to have caused in some way or played a part in causing the financial crisis. With the change of Government in 2010 regulatory reform for the banking industry was and still is high on the political agenda. The New Financial Services Act 2010 showed that the new government would not stop until financial stability and economic reform has taken place. Under the new political Conservative government the UK has sent the transfer of power back to the Bank of England from the Financial Services Authority. A change in legislative direction from the Bank of England Act 1998, s21. It is of no surprise then that more reform is in the offering. The Government set up an Independent Banking Commission (IBC) headed by Sir John Vickers which would review the whole of the financial service sector and provide legislative and regulatory reform proposals. The report out on the 12 September 2011 is hailed as being “the most radical reform of British Banks in a generation”. In the middle of 2010 the new Conservative Government tackled banking reform head on. They appointed Sir John Vickers as an independent head to chair a review of the banking industry in the UK and to proffer sensible and robust reform proposals
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