Ring-fencing: Disclosures to consumers by non-ring-fenced bodies

We have published our final rules for non-ring-fenced bodies.

Show Handbook Notice 38 (PDF)

Show PS16/9 (PDF)

As part of the ring-fencing regime, we are required by law to make rules about the information that a non-ring-fenced body (NRFB) must provide to individuals who hold an account, or apply to open an account, with them.

In July 2015, we consulted on our draft rules
. Policy Statement PS16/9 summarises the feedback we received during the consultation period and sets out the near-final rules.

We have amended and made the rules for non-ring-fenced bodies that were previously published in PS16/9 as near-final rules. The rules are published in Handbook Notice 38.

Our rules aim to advance our consumer protection objective by helping those affected to make informed financial decisions.

Who this applies to

This Policy Statement will be of interest to:

banking groups that will be required by FSMA to ring-fence their core activities, and

consumers who will be eligible to hold accounts with a NRFB.

Final rules

In November 2016, we made the final rules on disclosures to consumers by NRFBs, which have been published in Handbook Notice 38. Our final rules come into force on 1 December 2016.

We made minor changes to the near-final rules to reflect the change in scope of the amended Financial Services and Markets Act 2000 (Ring-fenced Bodies and Core Activities) Order 2014.

What you need to do

Firms will need to ensure that they are aware of their obligations before they implement their Ring Fencing Transfer Scheme in 2019.

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