Our Finalised Guidance is relevant to firms and their groups that are subject to ring- fencing, as well as to skilled persons that are commissioned to author a scheme report for the purposes of RFTS court proceedings. It may also be of interest to other firms and consumers dealing with ring-fenced bodies.
This Finalised Guidance should be read in conjunction with the Prudential Regulation Authority's (PRA) Statement of Policy setting out the PRA's approach to RFTSs.
In addition, we are also required under the secondary legislation on ring-fencing to make rules specifying the information that non ring-fenced bodies must provide to certain individuals. We published the consultation on our proposed rules in this area in July 2015 (CP15/23).
Our responses to the feedback we received on GC15/5 are set out in the introduction to our finalised guidance. We do not consider that the feedback received requires substantial changes to our guidance and proposed approach as set out in GC15/5. However, in some areas we have amended the draft guidance, mostly to clarify our approach. It should be noted that our ability to make changes to our approach is limited by the provisions related to RFTSs in Part VII of the Financial Services and Markets Act 2000 Act.
The main feedback issues were:
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