The Law Society established an expert practitioner group to respond to the government white paper on banking reform.
The Law Society welcomes reforms which strengthen the UK banking system and maintain the competitiveness of the UK as a place for international business and finance. However, our response raises concerns about how the proposed form of ring-fencing of retail banking could have a negative impact on the competitiveness of England and Wales as an international legal jurisdiction.
We also highlight the possible impact of the reforms on the 11,000 legal firms we represent, for example the consequences for the supply of credit facilities and other banking services that are essential for law firms to operate in the legal services market.