IMA has submitted its views to the Independent Commission on Banking, explaining its interest in the Commission’s work. It thinks the crisis showed fundamental flaws in the banking model and so the model must change fundamentally. It agrees with the Commission’s description of banks’ role, although it would add that banks should provide liquidity and services to help capital markets to function. It believes competition issues are fundamental to any review, and criticises some of the Commission’s arguments on the link between financial stability and competition. It also points out that regulators alone cannot solve all the problems the crisis identified, and that strong resolution mechanisms are fundamental.