HSBC urges British government to delay bank ring-fencing
Published on Aug 4, 2014 3:43 AM
BANGALORE (REUTERS) – HSBC Holdings is urging Britain to delay its deadline for new rules forcing lenders to separate routine retail operations from riskier investment banking activities, until the outcome of an industrywide probe, Sky News reported on Sunday citing sources.
HSBC chairman Douglas Flint has written a letter to British Chancellor George Osborne and Bank of England Governor Mark Carney requesting a delay to the 2019 timetable for banks to ring-fence their business, Sky quoted sources familiar with the letter’s content as saying.
UK lawmakers in December gave their final approval to reforms aimed at tackling structural failings at banks, that came to light following the 2007/8 financial crisis and a series of mis-selling and rate-fixing scandals.
The main feature of the Bill was a rule to force banks to separate their retail and investment activities.
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