FSA official: ring fencing is step ahead of global standards

Author: | Published: 7 Feb 2012
A senior Financial Services Authority (FSA) official has defended accusations that the UK's plan to ring fence its retail financial institutions contradicts global standards.

Andrew Bailey, deputy head, Prudential Business Unit at the FSA, said that the plans outlined in the Vickers Report are not intended to break with global standards. "It's clearly ahead of global standards, and other countries may or may not follow...