UK banks get three months to detail plans

Britain has given its banks three months to show how they plan to protect their retail customers from riskier parts of their operations.

The Bank of England is forcing lenders to set up a boundary around their high street operations in an effort to protect taxpayers from any repetition of the multi- billion pound bailouts of investment banking operations that occurred during the financial crisis.

The changes, which will come into effect by 2019, mean that banks must submit preliminary plans by January 6, 2015, the Bank of England said yesterday.