Ring-fencing — the detail
The 2007–09 financial crisis led the government to undertake a programme of structural reform of the UK banking system. A central element of this is the requirement for UK banks to ring-fence their retail activities (both personal and small and medium-sized enterprises, or SMEs) from wholesale and investment banking by protecting the provision of core banking services to retail and SME depositors.
Core banking services are defined as: facilities for accepting deposits or other payments; facilities for withdrawing money or making payments; and overdraft facilities.
The framework for ring-fencing was set out in the Financial Services (Banking Reform) Act 2013, which provides for the separation of core activities (deposit taking) that must be carried out by ring-fenced bodies (RFBs) from excluded activities (trading in investments), which RFBs are not permitted to do…
Click on the link below to read the rest of the Gateley briefing.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Gateley Plc
News from The Lawyer
Briefings from Gateley Plc
Non-disclosure agreements do not provide a guarantee that confidential information will remain secret.
The prospect of ’scorching’ weather has led to appeals from the TUC for employers to allow staff to dress down and wear cooler clothes for the office.
Analysis from The Lawyer
Gateley bigshots see personal wealth soar on flotation, but face penalties for early exit .
Gateley is to float on the London Stock Exchange, becoming the first UK firm to list itself as a public limited company. But why would a firm would look to float, and what it could mean for the industry?