HM Treasury

Independent reviews

Independent reviews

This section includes information and links on the independent reviews commissioned by the Government since the last election, including those into Public Service Pensions and Fair Pay in the Public Sector.

Review of the Special Administration Regime (SAR) for Investment Banks

Commissioned: December 2012
Final report: June 2013

Peter Bloxham has been appointed to lead an independent review of the Investment Bank Special Administration Regulations (SAR) 2011.

The Wheatley Review

Commissioned: July 2012
Final report: September 2012

The Chancellor of the Exchequer has commissioned Martin Wheatley, managing director of the FSA and Chief Executive-designate of the Financial Conduct Authority, to undertake a review of the structure and governance of LIBOR and the corresponding criminal sanctions regime. The review will report by the end of the summer. Any necessary legislative changes will be considered for inclusion in the Financial Services Bill currently before Parliament or the proposed Banking Reform Bill.

Sergeant Review of Simple Products

Commissioned: November 2011
Interim report: August 2012

The Government commissioned Carol Sergeant CBE to chair an independent Steering Group tasked with devising a suite of simple financial products. The group was asked to initiate the development of a suite of simple products and identify where these products already exist. These products should offer consumers a straightforward benchmark that gives them the confidence to make good decisions in an often bewilderingly complicated financial market place.

General Anti-Avoidance Rule

Commissioned: December 2010
Final report: November 2011

The Government commissioned Graham Aaronson QC to lead a study that would consider whether a General Anti-Avoidance Rule could deter and counter tax avoidance, whilst providing certainty, retaining a tax regime that is attractive to businesses, and minimising costs for businesses and HMRC.

Hargreaves Review of Intellectual Property (external website, opens in a new window)

Commissioned: November 2010
Final report: May 2011

The Chancellor and Secretary of State (Business,Innovation and Skills commissioned Professor Ian Hargreaves to carry out a review to develop proposals on how the UK's intellectual property framework can further promote entrepreneurialism, economic growth and social and commercial innovation.

Independent Commission on Banking

Commissioned: June 2010
Final Report: September 2011

The Chancellor invited Sir John Vickers to chair the Independent Commission on Banking. The Commission will look at the structure of UK banking and the state of competition in the industry.

Recommendations will be made around larger structural reform, such as the separation of retail and investment banking activities, as well as smaller, non-structural measures that promote stability and competition for the benefit of consumers and businesses.

Hutton Review of Fair Pay in the Public Sector

Commissioned: June 2010
Final report: March 2011

The Prime Minister and Chancellor commissioned Will Hutton to investigate public sector pay scales, and make recommendations on how to ensure that no public sector manager can earn more than twenty times the lowest paid person in the organisation.

Independent Public Service Pension Commission

Commissioned: March 2010
Final report: June 2011

The Chancellor invited John Hutton to chair the independent Public Service Pensions Commission. The Commission undertook a fundamental structural review of public service pension provision.

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