THE Parliamentary Commission on Banking Standards has demanded the financial regulator be given the power to split high street and investment banking divisions across the industry, in its latest criticism of proposed reforms.
Under current proposed changes, banks will be forced to ring-fence high street operations to protect them from the riskier investment banking arms.
This may minimise chances of taxpayers having to undertake more multi-billion pound bail-outs similar to those that rescued Royal Bank of Scotland and Lloyds Banking Group.
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