LONDON (Reuters) - Deputy prime minister, Nick Clegg, and Business Secretary Vince Cable are leading a push to reopen talks on UK banking reform, the Financial Times reported on Wednesday.
Senior members of the left-leaning Lib Dems want to re-examine whether banks' retail operations should be allowed to market complex derivative products, in light of the recent Libor rate-rigging scandal.
"We originally decided to allow banks not to separate out derivatives such as this, but now circumstances have changed in the light of three recent major banking scandals," one senior Lib Dem is quoted as saying.
"This is at an early stage, but we want to open up a wider debate on banking reform, and this would be part of that," he said.
A 15-month review of the banking industry, issued last September by the Vickers' Independent Commission on Banking, recommended banning banks' retail operations from selling interest rate and currency swaps, but ministers rejected it after heavy City of London lobbying.
(Reporting by Stephen Mangan; Editing by Sandra Maler)
Source: http://news.yahoo.com/britains-lib-dems-want-reopen-bank-reform-debate-001237954--sector.html
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