We have entered a stage of one regulation or initiative being heaped on another. Following a review for the Department for Business, Innovation and Skills (BIS) and the Treasury by Sir John Vickers, we are about to ring-fence retail banking from investment banking within financial organisations in the UK, well ahead of anyone else. We have tightened mortgage approval processes, raised the toughness of capital requirements well ahead of the rules that will come with the implementation of the new European Basle III regulations, implemented tighter solvency rules for insurance companies and
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