HSBC admits to misgivings over ring-fence amid cost complaints

Vickers "surprised" by bank's loss of enthusiasm given its support in 2012

westminster parliament
HSBC bemoans 'disproportionate' ring-fencing costs in Lords hearing

HSBC has cooled on UK banking regulatory reform proposals – including the ring-fencing requirement to separate investment and retail banks suggested by reform commission chair John Vickers – because of the "significant" cost of putting them in place over the next few years, a UK parliamentary committee has heard.

Vickers, HSBC chairman Jonathan Symonds and Lloyds chief financial officer George Culmer appeared before the House of Lords Economic Affairs Committee on June 30 to give evidence on

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