The PRA has issued:

• Policy Statement 10/16: The implementation of ring-fencing: the PRA’s approach to ring-fencing transfer schemes (PS10/16); and
• Statement of Policy: The implementation of ring-fencing: the PRA’s approach to ring-fencing transfer schemes (SoP).

In PS10/16 the PRA provides feedback to Consultation Paper 33/15: The implementation of ring-fencing: the PRA’s approach to ring-fencing transfer schemes (CP33/15). The PRA states that the responses received to its consultation have not necessitated major changes to its proposed overall approach that was set out in the draft SoP in CP33/15. However, certain amendments have been made to the final version of the SoP.

PS10/16 and the SoP are of relevance to groups subject to ring-fencing and skilled persons commissioned to author the scheme report submitted to the court as part of the ring-fencing transfer scheme application. It may also be of interest to other financial institutions and customers who have dealings with ring-fenced bodies.

The PRA has also published a webpage on skilled person applications for ring-fencing transfer schemes.

The FCA has published Finalised Guidance 16/1: Guidance on the FCA’s approach to the implementation of ring-fencing and ring-fencing transfer schemes (FG16/1). In FG16/1 the FCA sets out its approach to ring-fencing transfer schemes and, more generally, its key responsibilities in supporting the wider implementation of ring-fencing in the UK. It follows the September 2015 Guidance Consultation 15/5: Ring-fencing: Guidance on the FCA’s approach to the implementation of ring-fencing and ring-fencing transfer schemes.

FG16/1 should be read in conjunction with the SoP.

View The implementation of ring-fencing: the PRA’s approach to ring-fencing transfer schemes – PS10/16, 4 March 2016

View FG16/1: Guidance on the FCA’s approach to the implementation of ring-fencing and ring-fencing transfer schemes, 4 March 2016