In the “Reap what you sow” category, financial protection in the UK is not a rosy picture. Chancellor of the Exchequer Alistair Darling today will set out measures to tighten regulation of the British banking industry, requiring institutions to plan for their own demise, a person familiar with the plan said.
The chancellor also is planning to ask banks to protect deposit-taking operations from more risky trading businesses, requiring institutions including HSBC Holdings Plc and Barclays Plc to ring-fence investment banking units, people familiar with the plan said on June 24.
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