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We received responses from a variety of stakeholders. This document summarises the responses received and issues raised by respondents. It also details how the government is addressing these issues i.e. by amending the regulations and through continued engagement with key stakeholders.
The government has now laid the final regulations in Parliament for debate. These regulations are published online alongside an explanatory memorandum and an updated impact assessment.
The Financial Services (Banking Reform) Act 2013, which received Royal Asset in December 2013, implements the key Independent Commission on Banking (ICB) recommendation of ‘ring-fencing’ the deposits of individuals and small businesses, separating important everyday banking activities from investment banking.
In line with ICB recommendations, the Financial Services (Banking Reform) Act 2013 includes provisions allowing the Treasury to require by regulation that ring-fenced banks ensure that they cannot become liable for the pension schemes of the rest of the group, or anyone else.
This consultation seeks views on the draft Banking Reform Pensions Regulations, which implement this requirement on ring-fenced banks to ensure that they are not, and cannot become, liable for the pension liabilities of other entities (except other ring-fenced banks in their group, or wholly owned subsidiaries of ring-fenced banks).