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.
For further reading on banking reform, see:
Practice Notes: Financial Services (Banking Reform) Act 2013—essentials (for an overview and implementation dates of certain provisions of FS(BR)A 2013), and UK structural banking reform
news analysis: What changes should the Financial Services sector expect from the Financial Services (Banking Reform) Act 2013?
This Practice Note outlines the background and context of FS(BR)A 2013. FS(BR)A 2013 made amendments to the Financial Services and Markets Act 2000, Banking Act 2009, Insolvency Act 1986 and Building Societies Act 1986. These put in place fire breaks, known as ‘ring-fences’, between core services (retail banking) and non-core services (wholesale, investment banking). This Practice Note introduces ring-fencing, total loss absorbing capacity (TLAC), the minimum requirement for own funds and eligible liabilities (MREL) depositor preferences and amendments to insolvency legislation, as well as a number of other ancillary amendments to the UK financial services regime.
FS(BR)A 2013 came about as a result of the implementation of the Financial Services (Banking Reform) Bill (the Bill) The Bill emerged following the report by the Independent Commission on Banking (ICB) (also known as the Vickers Report). The main concept of the Bill was
**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