In an exclusive interview with The Daily Telegraph, Mr Volcker said that plans to force banks in the UK to ring-fence their traditional retail arms from "casino" investment divisions would not work in the event of a bail out. Ringfencing, he said, would only work in "fair-weather" conditions but not when banks were under pressure. "In my experience ring-fencing is not terribly effective," said Mr Volcker. The criticism comes less than a month after the publication of Sir John Vickers' banking reform proposals. The report, which was aimed at shaking up British banking, opted for ring fencing rather than a...