High Court Chancellor approves the UK’s first Bank Ring-Fencing Transfer Scheme, under FSMA 2000
The UK “Ring Fencing ” regime under the Financial Services and Markets Act 2000, Part VII is an important part of the UK’s response to the financial crisis of 2008. Four of the leading retail banking groups in England and Wales are required, by 1 January 2019, to separate their retail operations from the rest of their business, to protect retail customers if other areas of the business fail.
On Friday 9 March 2018, Sir Geoffrey Vos, Chancellor of the High Court approved the application of Barclays Bank plc and others for the sanction of the Barclays’ ring-fencing scheme, which will transfer assets and liabilities to Barclays Bank UK plc, which will become the ring-fenced bank in the Barclays Group. Rory Phillips QC and Robert Purves appeared for the Financial Conduct Authority and the Bank of England Prudential Regulation Authority. The Chancellor’s judgment can be found here.
Rory Phillips QC, Sophie Mallinckrodt and Robert Purves are also instructed for the Prudential Regulation Authority and the Financial Conduct Authority in relation to the ring-fencing schemes put forward by the three other affected banking groups in England and Wales.