The long-awaited final report from the Independent Commission on Banking (ICB) was published in September and the recommendations, presented by Sir John Vickers, are less than a full US-style Glass-Steagall Act (1932) separation of retail and investment banking. They stop short of this by calling for operational separation of the UK’s banks. However, it is undoubtedly game changing for bank structures and will come at a cost to both banks and, inevitably, customers.