UK banking reforms 'delayed until June'

24 April 2012

Details of prospective reforms set to be implemented in the British banking system will not be released until June, it has emerged.

The government had originally planned to publish this information in May, but has now opted to push this back by around a month due to the complications associated with separating retail banking divisions.

A Treasury spokesman told Reuters that the scheduled release of early-May can now be considered "very optimistic".

"There is not a set date that has been pinned down yet because, obviously, these are really, really technical issues," he added.

The prospect of more stringent regulation has caused financiers to draw up significant changes to the way in which their businesses are managed as they prepare to comply with new rules such as ring-fencing.

Meanwhile, chancellor George Osborne recently announced the search for the successor to Mervyn King as Bank of England governor will not begin until the autumn.

By Tony Aynsley

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