header-logo header-logo

12 December 2022
Issue: 8007 / Categories: Legal News , Regulatory , Banking
printer mail-detail

City reforms to abolish ring-fencing of retail banking

The requirement to ring-fence retail banking from investment activities, which was introduced following the 2008 financial crash, is to be abolished.

The reform, which applies to companies with assets below £35bn, is part of a package of 30 ‘Edinburgh reforms’ announced by the chancellor in the Scottish capital last week. Others include giving regulators the Financial Conduct Authority and the Prudential Regulation Authority new secondary objectives of growth and competitiveness, reviewing the senior managers and certification regime, and relaxing fund-raising restrictions on building societies so they can compete with retail banks.

Chris Hayward, policy chair at the City of London Corporation, described the reform package as ‘positive news for financial services’, while James Watkins, head of policy at the London Chamber of Commerce and Industry, said they were ‘broadly supportive’.

However, shadow city minister Tulip Siddiq said: ‘Reforms such as ring fencing and the senior managers regime were introduced for good reason.’

Issue: 8007 / Categories: Legal News , Regulatory , Banking
printer mail-details

MOVERS & SHAKERS

NLJ Career Profile: Daniel Burbeary, Michelman Robinson

NLJ Career Profile: Daniel Burbeary, Michelman Robinson

Daniel Burbeary, office managing partner of Michelman Robinson, discusses launching in London, the power of the law, and what the kitchen can teach us about litigating

Joelson—Jennifer Mansoor

Joelson—Jennifer Mansoor

West End firm strengthens employment and immigration team with partner hire

JMW—Belinda Brooke

JMW—Belinda Brooke

Employment and people solutions offering boosted by partner hire

NEWS

The Court of Appeal has slammed the brakes on claimants trying to swap defendants after limitation has expired. In Adcamp LLP v Office Properties and BDB Pitmans v Lee [2026] EWCA Civ 50, it overturned High Court rulings that had allowed substitutions under s 35(6)(b) of the Limitation Act 1980, reports Sarah Crowther of DAC Beachcroft in this week's NLJ

Cheating in driving tests is surging—and courts are responding firmly. Writing in NLJ this week, Neil Parpworth of De Montfort Law School charts a rise in impersonation and tech-assisted fraud, with 2,844 attempts recorded in a year
As AI-generated ‘deepfake’ images proliferate, the law may already have the tools to respond. In NLJ this week, Jon Belcher of Excello Law argues that such images amount to personal data processing under UK GDPR
In a striking financial remedies ruling, the High Court cut a wife’s award by 40% for coercive and controlling behaviour. Writing in NLJ this week, Chris Bryden and Nicole Wallace of 4 King’s Bench Walk analyse LP v MP [2025] EWFC 473
A €60.9m award to Kylian Mbappé has refocused attention on football’s controversial ‘ethics bonus’ clauses. Writing in NLJ this week, Dr Estelle Ivanova of Valloni Attorneys at Law examines how such provisions sit within French labour law
back-to-top-scroll