Commons Sense

House of Commons · Written Ministerial Statement

Treasury Update

15 March 2022 · Treasury

Proposed by John Glen Con Salisbury

Economy

Summarised by AI from the official record, so it can contain mistakes.

View on Parliament.uk

At a glance

Key points

  • The Minister of State for Financial Services presented the Final Report from the Independent Panel on Ring-fencing and Proprietary Trading
  • The Treasury will establish a taskforce with the Bank of England to assess the panel's recommendations and options
  • A government response will be published later in the year

Issue summary

The Minister of State for Financial Services is presenting the Final Report from the Independent Panel on Ring-fencing and Proprietary Trading.

Action requested

The Treasury will establish a taskforce with the Bank of England to assess the panel’s recommendations and options, and will publish a government response later this year.

Key facts

  • The ring-fencing regime separates core retail banking services from investment banking activities since January 2019.
  • The Independent Panel on Ring-fencing and Proprietary Trading was appointed in 2020 to review the operation of legislation related to ring-fencing and banks’ proprietary trading activities.
  • A taskforce with the Bank of England will be established immediately to assess the recommendations.
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