The following Restructuring & Insolvency guidance note provides comprehensive and up to date legal information covering:
Ring-fencing of day-to-day banking services (eg current accounts, savings and payments) and separation of retail business from investment banking was one of the reforms brought in by the government to strengthen the financial system following the financial crisis of 2007/2008. The Prudential Regulation Authority’s (PRA) stated aim was to isolate retail banking services from the risks of global wholesale and investment banking, to ensure the continuity of deposit taking services, to ensure greater resilience against financial crises and to remove risks from banks to the public finances. For further background to these structural reforms, see Practice Notes: Ring-fencing—one minute guide, Ring-fencing—timeline and UK structural banking reform—ring-fencing. For general guidance on the practical effects for R&I lawyers, see Practice Note: Bank ring-fencing transfer schemes—impacts for R& lawyers.
The table below includes key information for the Barclays Bank PLC RFTS, which was sanctioned on 9 March 2018 by Vos J in Barclays Bank Plc And Woolwich Plan Managers Ltd.
Following the court’s approval, Barclays set up a new ring-fenced bank, Barclays Bank UK PLC, separate from Barclays Bank PLC. The two entities were intended to operate alongside, but independently from, one another as part of the Barclays Group under the listed entity, Barclays PLC.
**excludes LexisPSL Practice Compliance, Practice Management and Risk and Compliance. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
Take a free trial
0330 161 1234