In an effort to curb the collateral damage left behind by the 2008 global financial crisis, the United Kingdom (UK) convened the Independent Commission on Banking (“the Commission”) in 2011, led by economist Sir John Vickers. The Commission published a set of rules, known as the “Vickers Report,” which most notably requires UK’s largest banks to separate retail and investment banking activities. The Vickers Report has drawn understandable comparisons to the United States (US) Volcker Rule. Similarly, the rules will require a dramatic restructuring for covered entities that already face considerable uncertainty regarding specific requirements and restrictions. Recently, the Prudential Regulation Authority (PRA) issued implementation guidance around the reforms, but left many important questions unanswered.

Please see the attached Vickers Report Client Advisory for the full analysis.​ 

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