Phillip Yung

Solicitor, Ashurst

Phillip is a Senior Associate in Ashurst's Finance Regulatory Practice Group. He advises a broad range of investment firms, market operators, wholesale and retail brokers, and banks on regulatory and compliance matters, with a particular focus on prudential regimes for financial institutions.

Phillip advises on day-to-day regulatory matters and leads the delivery of material change programmes, including post‑Brexit change, the Wholesale Markets Review, and IFPR implementation. His experience spans the full regulatory lifecycle: conducting regulatory perimeter analyses and advising on cross‑border activities; preparing and managing authorisation applications; designing and implementing compliance frameworks; supporting corporate transactions and capital raising; and advising on wind‑downs and cancellations of regulatory permissions.

Contributed to

1

The post-reform ring-fencing regime—issues for financial institutions

Practice Notes

This Practice Note provides an overview of the background to the 2025 reforms to the UK’s ring-fencing regime under the Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2025, SI 2025/30, summarises the key changes introduced, and highlights the practical and compliance issues that ring-fenced banks and their groups may encounter.

Financial Services