HM Treasury

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16 June 2010

Sir John Vickers to Chair the Independent Commission on Banking

The Chancellor of the Exchequer George Osborne today announced that Sir John Vickers will chair the Independent Commission on Banking.

The Independent Commission on Banking will formulate policy recommendations with a view to:

The Commission will make recommendations covering:

The Commission will also have regard to the Government’s wider goals of financial stability and creating an efficient, open, robust and diverse banking sector, with specific attention paid to the potential impact of its recommendations on:

The Government will announce the full membership of the Independent Commission shortly, which will require a well-balanced set of skills and experience, covering banking, business, competition, consumer issues and regulation.

The Commission will produce a final report by the end of September 2011. The Commission will report to the Cabinet Committee on Banking, chaired by the Chancellor of the Exchequer George Osborne, with Secretary of State for Business, Innovation and Skills Vince Cable as Deputy Chair.

Chancellor of the Exchequer George Osborne:

“The worst financial crisis in living memory highlighted the significant detrimental impact that failure in the financial sector can have on the real economy and the public finances. We need a proper debate about the future structure of banks, the relationship between retail and investment banking, and the question of how to ensure greater competition in the banking industry. The Coalition Government will deliver on its promise to establish an independent Commission on Banking and I am delighted to announce that Sir John Vickers will chair the commission. He has the experience, integrity and independence required to lead this debate.”

Notes for editors

1. The exact wording the Programme for Government is as follows:

Banking Commission


2. Sir John Vickers is Warden of All Souls College, Oxford. He was educated at Oriel College, Oxford. From 1991 to 2008 he was Drummond Professor of Political Economy at the University of Oxford. He was Chief Economist of the Bank of England and served on the Bank’s Monetary Policy Committee from June 1998 to September 2000, and then head of the Office of Fair Trading until 2005.

3. HM Treasury has published a Terms of Reference document for the Independent Commission on Banking.

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