UK Draft Banking Reform Bill and Related Documents Published

Her Majesty’s Treasury has published draft legislation intended to implement key recommendations made by the Independent Commission on Banking on the reform of the UK banking system.

The draft bill will now be scrutinised by the Parliamentary Commission on Banking Standards before formally being introduced to Parliament in early 2013. The Government expects to have the legislation finalised by 2015, with banks being required to comply with all aspects of the Independent Commission’s recommendations starting in 2019.

Link to relevant HM Treasury web page here (links externally to HM Treasury website).