January 6, 2015 / 3:18 PM / 4 years ago

UK banks warn 2019 ringfencing deadline extremely challenging

A sign for Bank Street and high rise offices are pictured in the financial district Canary Wharf in London in this October 21, 2010 file photo. REUTERS/Luke Macgregor/Files

LONDON (Reuters) - Britain’s banks will find it “extremely challenging” to meet a 2019 deadline to set up a boundary around their retail operations and have called for the regulator to provide clarity on the new rules more quickly.

“Our members do not consider that the publication of formal proposals can wait until Q3 2015...We believe the January 2019 timetable is tighter than first meets the eye given the need for the rules to be finalised,” the industry lobby group said in a letter sent to Britain’s financial regulator.

Banks and other interested parties must respond to the regulator’s initial proposals by the end of Tuesday. The plans are meant to protect ordinary customers from banks’ riskier investment activities and make it easier for regulators to deal with failing lenders.

Reporting by Matt Scuffham; Editing by Steve Slater

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