Detail of outcome
The Treasury consulted on its proposed reforms to the special administration regime (SAR) for investment banks. Having considered the consultation responses, the government has implemented key recommendations of the Peter Bloxham review of the SAR in order to speed up and simplify the process of SAR administrations. The impact assessment contains a summary of consultation responses.
In January 2014 the government published Peter Bloxham’s review of the special administration regime (SAR) for investment banks. Mr Bloxham’s review recommended that the SAR should be retained, and proposed 72 reforms to strengthen the regime.
This consultation aims to gather views on the government’s proposed reforms to the SAR in response to Mr Bloxham’s review. These reforms will strengthen the SAR by making it simpler and more robust. This will reduce the costs of administration for clients and creditors and provide for improved legal certainty.
The consultation should be read alongside the Financial Conduct Authority’s (FCA) discussion paper, which considers changes to FCA rules also in response to Mr Bloxham’s review.