Britainâs banks will face an annual bill of as much as Â£6bn ($9.5bn) to comply with the reforms of the Vickers Commission, according to the panelâs final report, published on Monday. As foreshadowed, the central recommendation of the Independent Commission on Banking, chaired by Sir John Vickers, will be that banksâ core operations â including consumer deposits and small business lending â must be ringfenced from the rest of their businesses. But in a crucial concession to the wide spread of business models among the banks, the commission will not dictate where each institution must place the ringfence, instead allowing lenders and their customers a degree of choice, according to people who have seen the report. That flexibility is likely to be welcomed by the countryâs big global banks â Barclays, Royal Bank of Scotland and HSBC â which had feared their operations would be divided along arbitrary lines. The Vickers Commission was set up more than a year ago, with the dual aim of making Britainâs banking system safer â and thereby reducing the distorting effect of a government guarantee â and boosting competition between lenders. Its conclusions â assuming they are implemented â will constitute the biggest sweep of structural changes to the banking sector in decades. http://www.ft.com/intl/cms/s/0/f6d57f9e-dc74-11e0-8654-00144feabdc0.html#axzz1XYydViL1 The bankster geniuses in London have just received the first round of artillery from the government. Wait until some of them are going to be nationalized. Coming soon to your financial theatre near YOU!