On 16 June 2010, the Chancellor of the Exchequer announced the creation of the Independent Commission on Banking, chaired by Sir John Vickers. The Commission has been asked to consider structural and related non-structural reforms to the UK banking sector to promote financial stability and competition, and to make recommendations to the Government by the end of September 2011 (see terms of reference).

On 24 September 2010 the Commission published Issues Paper: Call for Evidence. The purposes of the Issues Paper are to indicate how the Commission is approaching its task, to set out the issues on which the Commission will be focused, and to serve as a Call for Evidence inviting submissions from all interested parties. The consultation period is now over and responses have been published. The Commission will publish its Interim Report on 11 April 2011, which will be followed by a further round of consultation.