On September 24, 2010, the Independent Commission on Banking, established in June by the Chancellor of the Exchequer, published an issues paper and call for evidence outlining the Commission's "initial approach to considering financial stability, competition and the other issues to which must have regard under its Terms of Reference" and "a number of options for reform in broad terms" including:

Reform options related to the structure of banks

  • Separation of retail and investment banking
  • Narrow banking and limited purpose banking
  • Limits on proprietary trading and investing
  • Structural separability, including living wills and resolution schemes
  • Contingent capital
  • Structure-related surcharges

Reform options related to the structure of markets

  • Measures to reduce market concentration
  • Market infrastructure reform

The Commission is requesting submissions of evidence regarding these issues by November 15, 2010. The Commission is charged with making recommendations to the Government by the end of September 2011.