The Independent Commission on Banking, led by Sir John Vickers, has not given enough consideration to pushing for a full-scale break-up of investment and retail banking, an influential committee of MPs has said.

The Treasury Select Committee this morning published a report examining the ICB's preliminary proposals into creating stability in the financial system, Published in April, the ICB appeared to favour allowing banks to retain a universal banking model but they would instead need to ringfence their retail banking units to provide greater protection in the event of a future crisis.