Sir John Vickers, chairman of the UK Independent Commission on Banking, appeared before the House of Lords on Tuesday to answer questions on his radical banking ring-fencing plans.

Lord Nigel Lawson in particular asked some tough questions and warned of the incentives the ring fence will provide for bankers to 'game' the system and find ways around it, in the interests of shareholders. "This is a fine model," said Lawson. "[But I am] very sceptical of the model's robustness in the real world."