Proposed banking reform, how will you be affected?

Financial News

Recent Proposals by the Independent Commission on Banking (ICB) announced last week could see the face of Banking in the UK change if they are adopted later this year.

If the government accepts the proposals we will see a sea change in how banking in the UK works, affecting everything from the way banks are structured, to opening a current account and the bane of many of our lives, moving current accounts.

The consultation period for these proposals will end in September of this year, after which the government will decide on which changes to accept and implement.

The website outlines the key proposals.

The banks will certainly vigorously oppose any changes they do not see as in their interest, only time will tell how hard the government stands up to them.