The UK's Independent Commission on Banking (ICB) has released its recommendations on how the country's banking sector should be made more competitive. The report recommends that the new Financial Conduct Authority have a legislative role to improve competition in the banking market.

Lloyds Banking Group has been spared a ruling to offload more than the 632 branches required under European law but the ICB wants to see the emergence of a competitor with the scale and capacity to rival the existing "big four" high street banks.