Corporate fiduciary examined in ICB paper

Corporate fiduciary is one of the focuses of an Issues Paper published today (September 24th) by the Independent Commission on Banking (ICB).

Following the global banking crisis, the body was asked to examine reforms with the aim of improving the sector in terms of financial stability and fair competition.

One of the main issues may have been corporate fiduciary, as widespread anger against financial institutions focused on the trading of unsecured loans and bad debt.

Group chair Sir John Vickers commented: "Experience shows that the risks from not asking hard questions about financial stability and competition are far greater than from doing so."

The wealth management specialist stated "open, rational" debates needed to take place concerning the structure of banking and invited interested bodies to join the discussion.

Chief executive of the British Bankers' Association Angela Knight welcomed the paper, saying "significant steps" had already been taken to improve the sector and claiming further work would be done.    ADNFCR-2318-ID-800081247-ADNFCR