"UCITA provides (consumers) protections equal to or more than current law, " said Carlyle "Connie" Ring, chairman of the NCCUSL committee that worked on the statute, in a written statement recently sent to all the members of NCCUSL ahead of the Denver meeting.
The two Lloyds executives threw weight behind Chancellor George Osborne's announcement earlier in the day that the forthcoming Banking Reform Bill would "electrify" the ring-fence, as recommended by the banking standards committee.
Chair of the committee Helen Mary Jones AM raised concerns over the soft ring fencing of money which she compared to a soft boiled egg which "hangs together until you break the shell".