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PwC: Parliamentary report into banking standards

By Rob Starr, Content Manager, Big4.com

The latest parliamentary report into banking standards failed to show how ringfencing prevents bank failure and brought comments from Steve Davies, UK Retail Banking Leader, PwC.

“The Commission’s first report is an interesting contribution to the debate about how to implement ringfencing, however in highlighting issues such as derivative ringfencing, the Commission doesn’t appear to be addressing the banks’ and their customers’ urgent need for clarity, but is instead raising further questions around the White Paper,” he said. He also added that PwC  remains unconvinced that, other than assisting in an orderly resolution of a failing bank, the ringfencing approach would really have any impact in preventing a bank failure, preventing a run on a bank, or preventing egregious practices that would place the bank’s future at risk.

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