The following Restructuring & Insolvency guidance note provides comprehensive and up to date legal information covering:
This Practice Note has been archived and is not maintained.
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&I lawyers [Archived].
The table below includes key information for the HSBC Bank PLC (HSBC) RFTS which was sanctioned by the Chancellor, Vos J, on 21 May 2018 (see Re HSBC Bank plc). Following the transfer, Marks and Spencer Financial Services plc and HSBC Private Bank (UK) Limited were subsidiaries of HSBC UK and also were ring-fenced banks.
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. 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
0330 161 1234
To view our latest legal guidance content,sign-in to Lexis®PSL or register for a free trial.