Ring-fencing definition

View the related practice notes about Ring-fencing

2025: Key dates for restructuring and insolvency professionals

2025: Key dates for restructuring and insolvency professionals This Practice Note sets out the key dates for restructuring and insolvency professionals in 2025 and includes appeal court hearings, consultation deadlines, events and the coming into force of insolvency-related legislation. January 2025 Date Event 1 January 2025 The Financial Services and Markets Act 2023 (Commencement No 4 and Transitional and Saving Provisions) (Amendment) Regulations 2023, SI 2023/1382 are made in exercise of legislative powers under the Financial Services and Markets Act 2023 (FSMA 2023) in connection with Brexit. They bring into force on 1 January 2025 provisions of FSMA 2023 which require the Bank, Financial Conduct Authority, Prudential Regulation Authority and Payment Systems Regulator to have regard in exercising their functions to the need to contribute towards achieving compliance by the Secretary of State with section 5 of the Environment Act 2021.See: LNB News 15/12/2023 53. 6 January 2025 Chief ICC Judge Briggs has issued a practice note which comes into force outlining the court's updated criteria for the allocation and transfer...

Increasing the normal minimum pension age (NMPA) to 57—pensions impact

Increasing the normal minimum pension age (NMPA) to 57—pensions impact Government decision to increase normal minimum pension age from 55 to 57 Following a period of consultation in 2021, the government decided to increase the normal minimum pension age (NMPA) from 55 to 57 with effect from 6 April 2028. The NMPA is the earliest age at which members may take their benefits (other than ill-health benefits) as authorised member payments under a registered pension scheme. The NMPA used to be set at 50 under the Finance Act 2004 (FA 2004) before it was changed on 6 April 2010 to 55. However, some members retained the right to take their pension before age 55. This is referred to in this Practice Note as the ‘pre-55 protected pension age’. For further information, see Practice Note: Normal minimum pension age and protected pension age. The government’s decision to increase the NMPA to 57 aims to reflect the increasing life expectancy which has led to people retiring later in life, as well as the rise in state pension age...

View the related precedents about Ring-fencing

Specimen statement of issues for a first appointment—financial remedy application

Specimen statement of issues for a first appointment—financial remedy application In the Family Court sitting at [location] [Case No] Between 1 [insert name] Applicant And 2 [ insert name] Respondent Statement of issues for the First Appointment on [date] Issue Applicant’s position Respondent’s position 1. Clean break The applicant contends that there should be a joint lives maintenance order because [insert concise details] The respondent contends that a clean break will be possible because [insert concise details] 2 Identification of assets to be divided Should [ [[identify asset] inherited by the [applicant OR respondent OR ] OR [identify asset] owned by the applicant OR respondent] prior to the marriage]/ [as appropriate] ]/] be included in the assets to be divided or be ring-fenced? This is a needs case as a result of which ring-fencing is not possibleOr [identify asset] was recently inherited by the applicant from their parents. The property has not been intermingled with other assets. It should be...

APA—Additional provisions for the protection of the seller

Insert the following definitions as new definitions into clause 1 of precedent: Asset purchase agreement—long form—conditional (buyer's version): 1 Definitions and interpretation Claim means a claim by the Buyer for any breach of the provisions of this Agreement (including a Warranty Claim); Data Room means the data room relating to the Business and the Assets comprising all contracts, agreements, licences, documents and other information made available to the Buyer and its advisers, as listed in the Data Room index attached to the Disclosure Letter; ...

View the related q&as about Ring-fencing

What restrictions apply to ring-fenced banks?

What restrictions apply to ring-fenced banks? What is ring-fencing? The largest UK banks are required to make core retail banking services (ie taking deposits, making payments and providing overdrafts for UK retail customers and small businesses) financially, operationally and organisationally separate from the rest of their business (ie investment banking and international banking activities). Banks that have been separated, or ring-fenced, from the rest of their groups in this way are known as ring-fenced bodies (RFBs). Ring-fencing was introduced by the Financial Services (Banking Reform) Act 2013 (FS(BR)A 2013) and came into effect on 1 January 2019. The Financial Services and Markets Act 2000 (Excluded Activities and Prohibitions Order) 2014, SI 2014/2080 defines which activities RFBs may and may not carry out. Significant changes to the ring-fencing regime were made by the Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2025, SI 2025/30, which entered into force on 4 February 2025. What restrictions apply to ring-fenced banks? Dealing in investments as principal Dealing in investments...

View the related News about Ring-fencing

Financial Services—other developments (3/6/2025)

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.

The FCA's Business Plan 2017/18 and Mission: A clearer path ahead?

Financial services analysis: On 18 April, the FCA published several important documents which, overall, aim to provide greater clarity about how it operates and more transparency about its decision-making. Celyn Armstrong, partner and Katharine Harle, senior associate, at Dentons give their views on the key documents and important themes contained in the documents.