Bankers warn against upheaval

BUSINESS leaders yesterday warned the new Independent Commission on Banking not to promote any upheaval that risks undermining Britain's financial competitiveness.

Matthew Fell, the CBI's director of competitive markets, said: "The commission should place a high priority on maintaining the UK's place as a leading global financial centre.

"We caution against potentially damaging unilateral action, such as a move towards the separation of retail and investment banking, and urge the commission to ensure that banks can play an efficient and effective role in the economy in the future."

Angela Knight, chief executive of the British Bankers' Association, said "a vast amount of work" had already been done by the industry in trying to make the banking system more resilient.