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
A suspected burglar and domestic abuser who goaded police on their own Facebook page has been taunted back after handing himself in.
Motorists are to be allowed 10 minutes' grace after a parking ticket runs out before they can receive a fine, under new rules.
Billionaire Microsoft co-founder Paul Allen has claimed discovery of the Japanese battleship Musashi that was sunk by the US Navy in 1945.