Banks break-up on agenda for inquiry

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So it is appropriate that Gulliver's appointment came just as the Government's independent Banking Commission today confirmed it is investigating whether the big banks should split up their retail and investment banking arms.

The Banking Commission, which is looking at how another banking meltdown can be avoided, said it "has not moved towards any particular options at this stage". Critics have accused investment bankers of "casino capitalism".

Chairman John Vickers' long-awaited Issues Paper said his panel would also look at:

* Limits on proprietary trading, when a bank uses its own money and assets to make bets on
the market
* Living wills, building a structure which can protect investors if a bank were to collapse in the same way as Lehman Brothers
* Whether the market is too concentrated

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