The Independent Commission on Banking published its landmark report on the future of the British banking industry this week. Here are 10 things to take from its initial recommendations.

(1) Banks got off lightly: The ICB recommended that banks should 'ring-fence' their retail operations, and hold 10% core Tier 1 capital, but it could have been so much worse. After fierce lobbying by the banking sector, the commission stopped short of the complete separation of retail and investment banking divisions, or even separate capitalisation. The reforms were gentle enough that Sir John Vickers was forced to defend them, saying: "I absolutely reject the notion that we bottled it."