Clarify Bank Ring-Fencing Rules, Financial Law Group Says

By Najiyya Budaly (November 10, 2021, 1:16 PM GMT) -- The government must clarify ring-fencing rules that were imposed on banks in the wake of the 2008 financial crisis in order to prevent legal uncertainty, a group that identifies holes in law governing the financial markets has said.

The Financial Markets Law Committee, an educational charity that looks for gaps in the financial framework, said on Tuesday that it has found a lack of clarity in the Banking Reform Act 2013. The rules, which came into force in 2019, require U.K. banks that have core deposits greater than £25 billion ($47 billion) to "ring-fence" their retail operations by transferring them into a...

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