King wants clearly defined bank ring-fence

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Mervyn King, governor of the Bank of England, told UK lawmakers on Thursday that legislation for a prospective ring-fence around retail banking operations should be as detailed as possible to avoid overburdening regulators.

Speaking to the Joint Commitee on the Draft Financial Services Bill, King said, where possible, parliament rather than regulators should implement the measures laid out in the final Financial Services Bill, to clear up any confusion over principles so that regulators can

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