UK: PRA policy statement - the implementation of ring fencing - legal structure, governance and continuity of services

The Prudential Regulation Authority has published a policy statement on the implementation of ring-fencing, dealing with legal structure, governance and continuity of services and facilities: see here (pdf). The policy statement provides feedback on the responses received to Consultation Paper 19/14 published in October 2014, and the amendments that the PRA has made to the draft rules and supervisory statements included in this consultation paper. Updated ‘near final’ versions of the rules and supervisory statements are included in the policy statement. The final rules and supervisory statements are expected next year. The new ring fencing framework is due to come into effect on 1 January 2019.