Structural reform | Ring-fencing transfer schemes | Inter-bank payment systems
The Prudential Regulation Authority (PRA) is required under the Financial Services and Markets Act 2000 (the Act), as amended by the Financial Services (Banking Reform) Act 2013 (the Banking Reform Act) to make policy to implement the ring-fencing of core UK financial services and activities.
This section provides information about applications that firms are required to submit to the PRA under structural reform. For information on all other applications and notifications, please see the Authorisations webpage. Please click on the links below to access the relevant page.
Ring-fencing – approval of a skilled person
This page provides information about applying to the PRA for the approval of a skilled person. The Financial Services (Banking Reform) Act 2013 legislated for a process for transfer of business known as a ring-fencing transfer scheme (RFTS). Its purpose is to enable firms to restructure their businesses in order to comply with the ring-fencing requirements that will apply from 1 January 2019. As part of the RFTS process, firms must appoint a skilled person to prepare a scheme report. For more information see the Ring-fencing transfer scheme – approval of a skilled person webpage.
Ring-fenced bodies – indirect participation in inter-bank payment systems
This page provides information about applying to the PRA for permission to indirectly access inter-bank payment systems under one of the conditions set out for ring-fenced bodies (RFBs) in the secondary legislation - the Financial Services and Markets Act 2000 (Excluded Activities and Prohibitions) Order 2014. For more information see the Ring-fenced bodies – indirect participation in inter-bank payment systems webpage.
For the latest updates, background and information on the implementation of structural reform see the structural reform webpage.