Financial Reporting Council - Welcome. UK Independent Commission on Banking Interim Report | The Financial Regulation Forum. The proposed reforms by the Independent Commission on Banking (ICB) are aimed at preventing any future difficulties in banks’ investment arms from affecting savers’ deposits, and protecting taxpayers from future bailouts. Below is an executive summary of the Interim Report The Interim Report sets out the Commission’s current and provisional views on possible reforms to improve stability and competition in UK banking, and seeks responses to those views. The need for reform The financial crisis that began in 2007 exposed fundamental weaknesses in the global financial system and has had enormous economic costs in terms of lost output, higher unemployment and weakened public finances. In the build-up to the crisis lenders and borrowers took on excessive and ill-understood risks, and banks operated with excessive leverage and inadequate liquidity.
The crisis was global, and the UK, with its large financial sector, was badly affected. Reform options for stability These goals are inter-related. Regulatory Reform. Dodd-Frank Regulatory Reform Rules. Federal Register.