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12 December 2022
Issue: 8007 / Categories: Legal News , Regulatory , Banking
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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
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MOVERS & SHAKERS

Slater Heelis—Charlotte Beck

Slater Heelis—Charlotte Beck

Partner and Manchester office lead appointed head of family

Civil Justice Council—Nigel Teasdale

Civil Justice Council—Nigel Teasdale

DWF insurance services director appointed to Civil Justice Council

R3—Jodie Wildridge

R3—Jodie Wildridge

Kings Chambers barrister appointed chair of R3 Yorkshire

NEWS

The abolition of assured shorthold tenancies and section 21 evictions marks the beginning of a ‘brave new world’ for England’s rental sector, writes Daniel Bacon of Seddons GSC

Stephen Gold’s latest Civil Way column rounds up a flurry of procedural and regulatory changes reshaping housing, alternative dispute resolution (ADR) and personal injury litigation
Patients are being systematically failed by an NHS complaints regime that is opaque, poorly enforced and often stacked against them, argues Charles Davey of The Barrister Group
A wealthy Russian divorce battle has produced a sharp warning about trying to challenge foreign nuptial agreements in the wrong English court. Writing in NLJ this week, Vanessa Friend and Robert Jackson of Hodge Jones & Allen examine Timokhin v Timokhina, where the High Court enforced Russian judgments arising from a prenuptial agreement despite arguments based on the landmark Radmacher decision
An obscure Victorian tort may be heading for an unexpected revival after a significant Privy Council ruling that could reshape liability for dangerous escapes, according to Richard Buckley, barrister and emeritus professor of law at the University of Reading
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