Douglas Flint, the chairman of HSBC, is understood to have written to George Osborne and Mark Carney, the Governor of the Bank of England, to request that the 2019 deadline for the split is delayed until a probe by the competition authority is completed.
Last month, the CMA set out plans to investigate the personal current account market and services for small businesses because of a lack of competition.
HSBC is said to be concerned about the structural reforms that could result from the probe, which is expected to last 18 months, and the extra costs they would entail.
The ICB was set up in the wake of the financial crisis with the aim of preventing another taxpayer-funded bail-out and shaking-up competition on the high street.
Its recommendations have received fierce criticism from several quarters, including leading businesses and think tanks.
A report by Policy Exchange last year claimed that forcing banks to split their operations could put at risk free banking.
HSBC did not respond to requests for comment.
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