Ring-fencing

Ring-fencing

This Overview is a guide to the Lexis+® UK Financial Services content within the Ring-fencing subtopic, with links to the appropriate materials.

Financial Services (Banking Reform) Act 2013

The Financial Services (Banking Reform) Act 2013 (FS(BR)A 2013) (the Banking Reform Act) received Royal Assent on 18 December 2013, and introduced key changes to the UK banking sector. The Banking Reform Act introduced a criminal offence of reckless misconduct for individuals in the management of a bank, a payment systems regulator, the senior managers and certification regime, a bail-in stabilisation option forming part of the special resolution regime, a cap on the cost of payday loans, and ring-fencing requirements on the banking sector.

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Latest Financial Services News

EBA issues Opinion on interaction between output floor and Pillar 2 requirements

The European Banking Authority (EBA) has issued an Opinion providing guidance on how competent authorities should account for the application of Article 104a(6) of Directive 2013/36/EU, which deals with the interaction between Pillar 2 requirements and the output floor. The Opinion serves as an interim measure until the EBA adopts comprehensive guidelines further specifying the requirements.

Motor finance commission: FCA addresses regulatory framework in letter to HoL FSR Committee

The Financial Conduct Authority (FCA) has published a letter from its chief executive, Nikhil Rathi, to Lord Forsyth of Drumlean of the House of Lords Financial Services Regulation (FSR) Committee, addressing the regulatory framework for motor finance commission, with a focus on commission disclosure rules for credit brokers. The letter responds to questions from Lord Forsyth regarding the relevant FCA rules and Principles concerning both discretionary and fixed commissions, both prior to, and following relevant amendments in 2021, and whether the FCA took legal advice both in connection with its decision to ban discretionary commission arrangements (DCAs) (which it did in 2021) and in connection with the FCA’s relevant regulatory rules and Principles.

Chancellor launches industry forums to shape UK financial services growth and competitiveness strategy

HM Treasury has announced that as part of Chancellor Rachel Reeves’ plan for a Financial Services Growth and Competitiveness Strategy, Reeves will host a series of industry forums to engage with leaders from various sectors of the industry, including retail banking, wholesale and international banking, insurance and reinsurance, asset management, fintech, and the mutuals and co-operatives sector. The Strategy, scheduled for publication in spring 2025, will focus on fostering innovation and investment within the financial services sector in order to leverage the sector's central role in driving economic activity. The forums will build upon the responses received to the Government’s Call for Evidence on the Strategy, which closed in December 2024.

FCA urged to act against high insurance claim rejections

Law360, London: Britain’s Financial Conduct Authority (FCA) must step in to protect customers from unfair claims handling practices by insurers that feature high rejection rates, according to a consumer advocacy group.

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