Bank reforms 'insubstantial'

The Chancellor's attempts to reform" Britain's banking system still do not go far enough, according to the panel of MPs and peers set up following the industry's rate-fixing scandal.

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Panel: Banking reforms 'not enough'

The Chancellor's attempts to "re-set" Britain's banking system still do not go far enough, a panel set up following the industry's Libor-fixing scandal said today.

On the day that MPs debate the Banking Reform Bill, the Parliamentary Commission on Banking Standards stepped up pressure on the Government to back recommendations from its first report not currently in the planned legislation.

In particular, it wants more powers for the Bank of England to control how much banks can borrow, as well as for regulators to have the power to force a complete split of retail and investment banking operations.

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