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

Bell Yard Kysen—Liz Giles

Bell Yard Kysen—Liz Giles

Bell Yard Kysen appoints senior legal PR and ex-government communications adviser, Liz Giles

Clarke Willmott—Lee Edwards

Clarke Willmott—Lee Edwards

Clarke Willmott boosts Southampton commercial property team with addition of partner Lee Edwards

Lime Solicitors—four promotions

Lime Solicitors—four promotions

Lime Solicitors announces four promotions

NEWS
The Attorney General, Ellie Reeves KC MP, and Solicitor General, Andy Slaughter KC MP, marked the 25th anniversary of Pro Bono Week by joining lawyers, charities, students and parliamentarians at events celebrating voluntary legal work
Possession claims are entering a new digital era, with procedural traps awaiting practitioners who assume familiar rules still govern every step
Witness evidence can be compromised by AI before a solicitor sees the draft, leaving safeguards focused on authorship incomplete
Should a conviction stand when a later ruling reveals that the law underpinning it was wrong? The answer exposes a clash between finality and justice
The Environment Agency can prosecute offences beyond environmental legislation where proceedings support its statutory functions, the Divisional Court has confirmed
back-to-top-scroll