Vickers: Banks face £7bn annual bill and charging transparency

As predicted, the central recommendation of the Independent Commission on Banking, chaired by Sir John Vickers, is that banks' core operations - including consumer deposits and small business lending - must be ringfenced from the rest of their businesses. The ringfenced entity must also have its own board of directors, reports the Financial Times. But in a key concession, the commission will not decide where each institution must place the ringfence, instead allowing lenders and their customers a degree of choice. On capital, the Commission held to its interim conclusion from April th...