The Independent Commission on Banking (ICB) has called for investment banking activities to be ring-fenced from retail activities.

The ICB, under the chairmanship of Sir John Vickers, has also recommended that banks set aside a minimum of 10% of capital, higher than the 7% level demanded under the Basel III agreement.

The Commission’s final report includes recommendations to avoid the possibility of taxpayers having to bail out the banks again in the event of a future banking crisis.

In response, the British Bankers’ Association said: “UK banks are well on the way to implementing the sweeping reforms already brought in and expected to be brought in by UK