Ring-fencing

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This Overview is a guide to the Lexis+® UK Financial Services content within the Ring-fencing subtopic, with links to the appropriate materials.

Financial Services (Banking Reform) Act 2013

The Financial Services (Banking Reform) Act 2013 (FS(BR)A 2013) (the Banking Reform Act) received Royal Assent on 18 December 2013, and introduced key changes to the UK banking sector. The Banking Reform Act introduced a criminal offence of reckless misconduct for individuals in the management of a bank, a payment systems regulator, the senior managers

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Latest Financial Services News

FCDO announces sanctions against Russian GRU units and officers for cyber attacks

The Foreign, Commonwealth and Development Office (FCDO) has imposed sanctions on three units of Russia's Main Intelligence Directorate (GRU) and 18 military intelligence officers. The measures target units responsible for cyber operations against UK infrastructure and the 2022 Mariupol Theatre bombing. The sanctions package includes restrictions on GRU Unit 26165, which conducted reconnaissance for missile strikes, and officers linked to the 2018 Salisbury poisonings. Additional sanctions target three leaders of 'African Initiative' for conducting Russian-backed disinformation campaigns in West Africa.

PRA sets out CRR and Solvency II requirements, and approach to Own Funds (CRR) waivers and permissions

The Prudential Regulation Authority (PRA) has published policy statement PS12/25—Restatement of CRR and Solvency II requirements in PRA Rulebook—2026 implementation. The PRA has also published a statement of policy (SoP) on its approach to considering applications from PRA-authorised persons not to apply rules, or to apply them with modifications, under section 138BA of the Financial Services and Markets Act 2000 (FSMA).

Financial Services—other developments (18/7/2025)

A round-up of other developments, which have not been covered in full by the LexisNexis Financial Services practical guidance team but may nevertheless be of interest.

ESMA updates Q&As on MiCA and UCITS Directive

The European Securities and Markets Authority (ESMA) has published updated questions and answers (Q&As) on the Markets in Cryptoassets Regulation (Regulation (EU) 2023/1114) (MiCA) and the Undertakings for Collective Investment in Transferable Securities Directive (Directive 2009/65/EC) (UCITS). The impacted MiCA Q&As are: (1) ‘Staking on own account’ and (2) ‘Pre-funding clients’ orders with clients’ cryptoassets’. The impacted UCITS Directive Q&A is ‘Performance fees for feeder funds’.

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Popular documents

If a rentcharge is shown as being informally exonerated on title information, does this apply to the

If a rentcharge is shown as being informally exonerated on title information, does this apply to the current registered owner? Or does the informal exoneration only apply to the parties to the document which informally exonerated the rentcharge?This Q&A considers the situation where, at some

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Late payment penalties—inheritance taxWhile interest often accrues on overdue tax, the late payment of certain taxes may also attract a penalty. For information on the interest accruing on overdue tax, see Practice Notes: IHT—payment deadlines on death—Interest on IHT and Interest on late paid

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If a rentcharge is shown as being informally exonerated on title information, does this apply to the

If a rentcharge is shown as being informally exonerated on title information, does this apply to the

If a rentcharge is shown as being informally exonerated on title information, does this apply to the current registered owner? Or does the informal exoneration only apply to the parties to the document which informally exonerated the rentcharge?This Q&A considers the situation where, at some

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Late payment penalties—inheritance tax

Late payment penalties—inheritance taxWhile interest often accrues on overdue tax, the late payment of certain taxes may also attract a penalty. For information on the interest accruing on overdue tax, see Practice Notes: IHT—payment deadlines on death—Interest on IHT and Interest on late paid

If a beneficiary signs a deed of disclaimer of their share of an estate and the estate pays their legal

If a beneficiary signs a deed of disclaimer of their share of an estate and the estate pays their legal

If a beneficiary signs a deed of disclaimer of their share of an estate and the estate pays their legal fees, will that count as a PET against their estate?A disclaimer is the refusal of a gift prior to acceptance. The refusal of the gift must take place before the beneficiary accepts any benefit

Can shares in a limited company that have not been paid-up at all be cancelled?

Can shares in a limited company that have not been paid-up at all be cancelled?

Can shares in a limited company that have not been paid-up at all be cancelled?A limited company having a share capital may not alter that share capital, except in the ways listed in section 617 of the Companies Act 2006 (CA 2006). Shares in a company cannot simply be cancelled without following an