On 1 June 2021, the Financial Markets Law Committee (FMLC) sent a letter to Keith Skeoch, chair of the independent panel that HM Treasury has appointed to review the operation of legislation relating to ring-fencing and banks’ proprietary trading activities. The letter explains that the FMLC has resolved to establish a working group to consider issues of legal uncertainty arising in the context of the UK’s bank ring-fencing regime. As the working group has only just been established, its work has not progressed sufficiently so as to respond to the panel’s recent call for evidence.  The letter instead draws attention to the working group’s remit and proposed output.