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Following publication of the interim report of the Independent Commission on Banking, Clifford Smout, co-head of the Deloitte Centre for Regulatory Strategy, said:

"The Independent Commission on Banking's interim report covers an impressive amount of ground. It sets out a clear view on how it has sought to balance its stability and competition mandate with the cost and competitiveness concerns voiced by industry.

“Ahead of the Commission’s final report in September we expect the debate to move on, to focus on the practicalities of implementation as much as the cost/benefit trade-off and the impact on risk across the financial sector.

“A key success measure for the final proposals lies in spurring financial innovation to the benefit of retail consumers. The extent to which incumbents and new entrants – be they financial firms or others – play a role will depend not only on policies aimed at competition but also on the steps taken to implement ring-fencing.”

Note to editors

In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms.

Deloitte LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, whose member firms are legally separate and independent entities. 

Please see www.deloitte.co.uk/about for a detailed description of the legal structure of DTTL and its member firms.

The information contained in this press release is correct at the time of going to press.

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