Chancellor and FSA split on future of UK banks

The UK Chancellor of the Exchequer, Alistair Darling, and the chairman of the Financial Services Authority (FSA), Adair Turner, have revealed different views on restructuring the UK banking sector to avoid another financial crisis.

In a speech yesterday to the FSA's Turner Review Conference in London, Turner cast doubt on the ‘narrow banking' schemes suggested recently. The extreme narrow banking model would establish retail banks that were only allowed to invest in government bonds, and which

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