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News · BOE · 18 May 2026

PRA Announces Ring-Fence Change to Reduce Costs

capital

The Prudential Regulation Authority has published the official list of ring-fenced bodies for five major UK banking groups as of 22 April 2026. This regulatory update specifies which subsidiaries within Barclays, HSBC, Lloyds Banking Group, NatWest Group, and Santander UK must operate under ring-fencing rules pursuant to section 142A of the Financial Services and Markets Act 2000. The designated structural separation aims to protect core retail banking functions while reducing operational costs for affected financial institutions.

United KingdomBank of England

Banks in scope of ring-fencing as of 22 April 2026 As of 22 April 2026, the following UK banking groups included entities which were ring-fenced bodies (RFBs) pursuant to section 142A of the Financial Services and Markets Act 2000 (FSMA) (as amended): Barclays, HSBC, Lloyds Banking Group, NatWest Group, and Santander UK. The table below provides the list of individual RFBs within each group as of 22 April 2026:
Banking Group RFBs
Barclays Barclays Bank UK PLC
HSBC HSBC UK Bank Plc
MARKS AND SPENCER FINANCIAL SERVICES PLC
Lloyds Banking
Group
Bank of Scotland plc
Lloyds Bank PLC
NatWest Group Coutts & Company
NATIONAL WESTMINSTER BANK PUBLIC LIMITED
COMPANY
THE ROYAL BANK OF SCOTLAND PUBLIC LIMITED COMPANY Santander UK Cater Allen Limited Santander UK Plc

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Financial Services and Markets Act20002000 · GB-LAWFinancial Services and Markets Act 2000 (2000-06-14)PRA Announces Ring-FenceChange to Reduce Costs2026-05-18 · this documentPRA Announces Ring-Fence Change to Reduce Costs (2026-05-18)
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