In this policy statement we summarise the feedback we received to Consultation Paper 15/23 on draft rules for non-ring-fenced bodies, and set out – as near-final – the rules we propose to make later in 2016.
Why are we publishing this Policy Statement?
As part of the ring-fencing regime, we are required by law to make rules about information that a non-ring-fenced body (NRFB) must provide to individuals who hold an account with them, or apply to open an account.
In July 2015, we consulted on our draft rules. This Policy Statement summarises the feedback we received during the consultation period and sets out the rules we proposes to make later in 2016. Our rules aim to advance our consumer protection objective by helping those affected to make informed financial decisions.
Who should read this paper?
This Policy Statement will be of interest to:
- banking groups that will be required by FSMA to ring-fence their core activities
- consumers who will be eligible to hold accounts with an NRFB
We expect to make the rules described in this Policy Statement later in 2016. Publishing them as near-final allows banks enough time to ensure that they are aware of their obligations before they implement their Ring Fencing Transfer Scheme in 2019.