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.

UK and EU Banking Reform

The European Commission's High-Level Expert Group (HLEG), was set up in February 2012 to consider possible structural reforms to the EU's banking sector. Erkki Liikanen, Governor of the Bank of Finland was appointed chairman. The HLEG’s mandate was to determine whether financial stability, efficiency and consumer protection would be assisted through implementing structural changes as well as ongoing regulatory reforms. For a summary of work carried out by HLEG, see Practice Note: The Liikanen Report and EU ring-fencing measures [Archived].

In 14 June 2012, the UK government published its White Paper, ‘Banking reform: delivering stability and supporting a sustainable economy’, which set out its detailed proposals for implementing the recommendations of the Independent Commission on Banking (the Vickers Report). The aim of the proposals was to strengthen the universal banking model. For further information on those proposals, see News Analysis:

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Latest Financial Services News

Sustainable finance and ESG weekly round–up—21 November 2024

This week's edition of the Sustainable finance and ESG weekly round-up from the Finance Group includes: (1) ICC issues guidance on successful Carbon Pricing, (2) COP29 round up, and (3) ESAs issue ‘Fit-For-55’ climate scenario analysis results.

HM Treasury issues advisory on Oil Price Cap evasion tactics

HM Treasury (HMT)and the Office of Financial Sanctions Implementation (OFSI) have released an advisory concerning the Oil Price Cap (OPC) regime. The guidance specifically addresses evasion strategies involving the manipulation of product origin through the use of fabricated and falsified Certificates of Origin (CO). This advisory aims to alert relevant parties to the risks associated with such practices and to enhance compliance efforts within the oil trade sector.

FCA proposes extension for handling motor finance commission complaints following court ruling

The Financial Conduct Authority (FCA) has published a consultation paper (CP24/22) on extending the timeframe for motor finance firms to handle complaints related to non-discretionary commission arrangements (non-DCA). The proposed options are either until 31 May 2025 or until 4 December 2025. Responses are sought by 5 December 2024. The FCA also plans on publishing its feedback and its policy statement by 19 December 2024, emphasising that firms should use this extended period to adequately prepare resources for investigating and responding to complaints.

BoE’s Sasha Mills’ speech on the potential transformative impact of innovation in wholesale financial markets

The Bank of England (BoE) has published a speech by its executive director for financial markets infrastructures, Sasha Mills, discussing how innovation in wholesale financial markets, such as tokenisation and programmable platforms, could revolutionise post-trade processes, making them faster, cheaper, and more efficient. The BoE is also exploring ways to maintain central bank money as a settlement asset for digital transactions, including plans for experiments on synchronisation and wholesale central bank digital currency.

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