Retail banks should never return to the levels of debt-funded growth seen before the 2008 financial crisis, Adair Turner, chairman of the U.K. Financial Services Authority, comments in a speech in London.

Retail banks “will never and should never return to the rapid growth” seen before the collapse of Lehman Brothers Holdings Inc. in 2008, Turner said.

Proposals to ring-fence banks’ retail and small-business lending from their investment banking activities will make banks safer, Turner said.

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