Lords take Vickers to task over robustness of plans

Sir John Vickers, professor of economics, Oxford University, and head of the UK Independent Banking Commission 2011

John Vickers, chair of the UK Independent Commission on Banking, appeared before the House of Lords on Tuesday to answer questions about his banking ring-fencing plans.

Lord Nigel Lawson, a former UK chancellor under Margaret Thatcher, warned the ring-fencing scheme will provide incentives for bankers to 'game' the system and find ways around it, in the interests of shareholders. "This is a fine model," he said. "[But I am] sceptical of the model's robustness in the real world." Lawson made the

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