Bank shares jump as TSC slams 'unclear' Vickers report

UK bank shares have risen after the Treasury Select Committee criticised the Vickers' report on the UK banking sector, arguing its proposed reforms are unclear.

MPs said an interim report released by Sir John Vickers' Independent Commission on Banking (ICB) did not give enough detail on recommendations to ring-fence banks' retail and investment businesses. As a result, the Committee found it impossible to properly assess the plans, it said, adding implementing them without further detail would be "a leap in the dark." The chairman of the Treasury Select Committee, Andrew Tyrie, said: "A retail ring-fence would entail a huge change to the structure of the banking sector in the UK. "It is crucially important the debate on that reform does no...