In a blog on BBA’s website, Angela Knight looks at the work of the Independent Commission on Banking. She stresses the ICB should not be afraid to acknowledge where parts of its work have been done elsewhere, or superseded by events. She also says it is important to recognise that banks failed in a number of jurisdictions, under different regulatory systems, and that the banks that failed in the UK were high street banks, whereas those that weathered the storm best were universal banks. She warns of the costs of ring-fencing to investors, customers and the economy generally. (Source: BBA Blog)