Andrew Tyrie, chairman of the Independent Commission on Banking, called for further reserve power to break up banks if they do not adhere to rules to separate investment and high street operations.
The Bill is certainly much improved. However, the Government rejected a number of important recommendations.
The Commission has examined these again, alongside the Government's explanations for rejecting them.
We have concluded that the Government's arguments are insubstantial. There remains much more work to be done to improve the Bill.
He added that the Government had also failed to address the panel's recommendation for a periodic, independent review of whether the ring-fence is doing its job. Bank of England governor Sir Mervyn King is among those in favour of this.
More top news
Michael Buble has been criticised as "disgusting" for posting a picture of a woman wearing tight shorts using the hashtag #beautifulbum.
Vinyl copies of a cover of Monty Python's 'Galaxy Song' recorded by Stephen Hawking go on sale later as part of Record Store Day.
The five-piece dance group do not sing but their choreographed back-flips had the crowd cheering at their audition in tonight's episode.