Vickers Report

The report of the UK's Independent Commission on Banking, named after the Commission's chairman Sir John Vickers.

The report's main recommendations include the identification - and partial separation - of: (i) Retail banking (including retail deposit taking and small business lending); and (ii) Riskier trading activities in the capital markets (sometimes also known as investment banking).

The partial separation proposed in the report would be implemented by a "ringfencing" structure within the large banks currently undertaking both types of activity. Under the ringfencing proposals the capital and the stability of the retail banks would be protected from the claims of creditors of the banks' riskier trading activities. The intention of the proposals is that the retail banks should not require public (taxpayer) rescue again