Ma 01, 2009

The UK House of Commons Treasury Committee has released its report on the financial crisis to criticisms by banks who say they have made strides with the government to reinvigorate the economy.The 129-page document, ‘Banking Crisis: dealing with the failure of the UK banks', says the financial mess will be felt for generations, and has received a scathing reception from the British Bankers' Association (BBA), accusing it of prioritising headline-grabbing over serious analysis."There are some useful points in the Committee's report.

But the Committee has sadly sought headlines in this report, rather than their previous good analyses and that of Lord Turner," said Angela Knight, chief executive of the BBA.The report praises the Financial Services Compensation Scheme (FSCS) set up to protect retail deposit holders, and favours more regulation to protect retail customers. MPs also make the suggestion that retail banking should be separated from investment banking - the opposite of what has happened in the US, where Wall Street's once dedicated investment firms have either collapsed or become bank holding companies.