The British Bankers' Association point to progress made by UK banks in implementing reforms and caution against new reforms which have not been risk-evaluated:
"UK banks are well on the way to implementing the sweeping reforms already brought in and expected to be brought in by UK, EU and global authorities to make banks and the system safer and to ensure that banks can fail in the future with savers and taxpayers protected and the supply of finance to the economy maintained.
"The ICB's recommendations cover the same important issues. Any further reform measures adopted by the UK authorities need to be carefully analysed and compared with those agreed internationally.
"It is vital that the full impact any further reforms will have on the economy, the recovery and banks' ability to support their customers in the UK is understood."