We are consulting on our draft rules for non-ring fenced bodies (NRFBs).
Why are we consulting on this?
As part of the ring-fencing regime, which will be introduced by 2019, we are required by law to make rules specifying the information that an NRFB must provide to individuals with financial assets of at least £250,000 that are account holders or that have applied to open an account, including joint accounts, with an NRFB.
An NRFB is a deposit-taker that is not a ring-fenced body (RFB), or a deposit-taker that has been exempted from ring-fencing. For example, a deposit-taker that is not an RFB but is part of a corporate group that contains an RFB.
Who is this paper aimed at?
This consultation paper is relevant to banking groups that will be required to ring-fence their core activities.
We want to know what you think of our proposals and welcome comments using our online response form by 13 November.