Ring-fencing reforms
The government sets out its response to the recommendations of the Independent Panel on Ring-fencing and Proprietary Trading.
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In February 2021, HM Treasury appointed an independent panel chaired by Keith Skeoch to undertake a statutory review of the ring-fencing regime and propriety trading. The independent review’s final report was published in March 2022. The report made a series of recommendations aimed at reducing the rigidity of the ring-fencing regime and addressing the unintended consequences identified by the panel.
The government’s response announces its intention to consult in mid-2023 on a series of near-term reforms. In line with the recommendations from the independent review, these reforms aim to improve the functionality of the ring-fencing regime, which will benefit customers, the financial services industry, and the economy, while maintaining appropriate financial stability safeguards. In addition, the government intends to issue a public call for evidence in the first quarter of 2023 to review the practicalities of aligning the ring-fencing and resolution regimes.
Independent review report on ring-fencing and proprietary trading