Britain's government will force lenders to insulate their consumer units from their investment banks by 2019 as Chancellor of the Exchequer George Osborne tries to shield customers and taxpayers from another financial crisis.
A panel chaired by former Bank of England Chief Economist John Vickers recommended that banks build fire breaks between their consumer and investment banks in a 360-page report by the Independent Commission on Banking today. The plans will cost as much 7 billion pounds ($11 billion), the report said. Osborne, 40, said the government will legislate by the end of the current parliamentary session in 2015.
"John Vickers has set out a timetable," Osborne told reporters today. "I intend to stick to his timetable."
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