The following Financial Services guidance note provides comprehensive and up to date legal information covering:
The Financial Services (Banking Reform) Act 2013 (FS(BR)A 2013) received Royal Assent on 18 December 2013. . There are eight parts and ten schedules in FS(BR)A 2013. FS(BR)A 2013, Pt 1 refers to the ring fencing provisions—see: Financial Services (Banking Reform) Act 2013 - essentials—Ring-fencing for further information. FS(BR)A 2013, s 6 and Sch 1 (Ring-fencing transfer schemes) and FS(BR)A 2013, s 4 (Ring-fencing of certain activities for the purposes of inserting sections 142A–142F, 142I and 142W–142Z1 of the Financial Services and Markets Act 2000 (FSMA 2000)) came into force 1 March 2014. See the Financial Services (Banking Reform) Act 2013 (Commencement No. 1) Order 2014, SI 2014/377.
For further reading on banking reform see:
Practice Notes: Financial Services (Banking Reform) Act 2013—essentials and UK structural banking reform - ring-fencing and EU proposal on banning proprietary trading
news analysis: What changes should the Financial Services sector expect from the Financial Services (Banking Reform) Act 2013?
This Practice Note focuses on the Financial Services and Markets Act 2000 (Ring-fenced Bodies and Core Activities) Order 2014 (SI 2014/1960) (RFB Order 2014), which is integral in determining what areas of a business would be considered inside or outside of the ring-fencing requirement.
The FS(BR)A 2013 forms part of a legislative programme aimed at improving financial stability through facilitating orderly resolution of financial services firms. FS(BR)A 2013 came
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