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)) which came into force on 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 considers the Financial Services and Markets Act 2000 (Excluded Activities and Prohibitions) Order 2014 (SI 2014/2080) (EAP Order 2014). The Order was made on 23 July 2014. Articles 1, 2 and 3 and the Schedule to the Order came into force on 1 January 2015. The other provisions of the Order came into force on 1 January 2019. Once it is established that a bank must implement
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