Cable could introduce bank firewalls

Katrina Lloyd
clock

Business secretary Vince Cable has conceded the UK's biggest banks may not be split along "crude lines" but instead firewalls could be introduced to separate retail and investment arms.

Cable is a fierce critic of the way in which banks such as Barclays, RBS and HSBC run what he calls "casino" investment banking operations, underpinned by an implicit taxpayer guarantee of their high-street banking in the UK, the FT reports. The appointment of Bob Diamond as Barclays' chief executive has infuriated Cable and reopened the debate about the make-up of the UK's banks. Diamond, head of Barclays Capital, will now take charge of the whole bank, including its retail operations. The business secretary said Britain's "universal" banks had to be made safe, but conceded: "Splitti...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

LV= again backs PA's Women in Financial Advice Awards as headline sponsor

LV= again backs PA's Women in Financial Advice Awards as headline sponsor

Second year as lead sponsor on WIFA

Professional Adviser
clock 09 July 2026 • 1 min read
Barclays and AJ Bell eye targeted support offerings

Barclays and AJ Bell eye targeted support offerings

Exclusive: Firms waiting for FCA approval

Sophia Panayi
clock 08 July 2026 • 2 min read
CII launches vulnerability data sharing taskforce

CII launches vulnerability data sharing taskforce

Established three working groups

Sophia Panayi
clock 08 July 2026 • 2 min read