The following Financial Services guidance note provides comprehensive and up to date legal information covering:
This Practice Note outlines the key changes to UK banking reform as adopted by the Financial Services (Banking Reform) Act 2013 (FS(BR)A 2013) including ring-fencing measures which separate retail core services from wholesale and investment banking services.
On 18 December 2013, FS(BR)A 2013 received Royal Assent. The Act was designed to:
improve the resilience of UK banks
reduce potential bank failures which will enable the provision of vital banking activities, and
prevent systemic failures in the UK financial system
FS(BR)A 2013 implemented the proposals made in the UK government’s White Paper, ‘Banking reform: delivering stability and supporting a sustainable economy’ on separating retail banking business from investment banking business (the White Paper). For background reading on the White Paper, see News Analysis: UK/EU banking reform—the road to stability?
FS(BR)A 2013 also implemented key recommendations of the Parliamentary Commission on Banking Standards in relation to strengthening individual accountability, such as the introduction of criminal sanctions for reckless misconduct by senior managers that leads to bank failure, additional corporate governance measures and measures designed to support competition in the banking sector (including the creation of a new payment systems regulator). See Practice Note: Financial Services (Banking Reform) Act 2013—essentials and Senior Managers and Certification Regime—essentials for SM&CR banking firms for further information.
**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