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Treasury Update

15 March 2022

Proposing MP
John Glen Con
Salisbury
Type
Written Ministerial Statement
Department
Treasury
View on Parliament.uk -->

At a Glance

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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