This week the Law Society hosted a roundtable discussion with government and opposition parliamentarians to discuss the current proposals to reform UK retail banking. It was an opportunity for senior lawyers from a number of the UK's largest law firms to discuss the Financial Services (Banking Reform) Bill currently going through parliament, which proposes to 'ring fence' retail and investment banking activities.
At the event, the Law Society and its members voiced concerns about the institutional implications of the reforms on the banking sector, including the knock-on effect for employees and banking operations such as access to services, the use of technology and customer service.
Attendees included the government's Treasury spokesman Lord Newby and Shadow Treasury spokesman Lord Davidson, along with representatives from HM Treasury and members of the Law Society's Banking Reform Working Group.
Law Society concerns
The Law Society has undertaken substantial work on the bill and last year provided oral evidence and written evidence to the Parliamentary Commission on Banking Standards on the bill's possible detrimental impact on consumers and small and medium-sized enterprises, in particular.
The Law Society has also raised concerns the bill may ultimately harm the UK's reputation as a leading financial centre.
The bill will begin its detailed committee stage this week.
Read our briefing on the Commons second reading of the bill