A decade on from the financial crisis, one of the largest ever reforms to the structure of the UK banking industry is coming into force. By 1 January the largest UK banking groups must have implemented ring-fencing – or separation – of their UK retail business from their international and investment banking operations. In his speech James looks at what these changes mean. And he explains how the Prudential Regulation Authority (PRA) will police the ring fence to ensure these reforms make key financial services more resilient, and protect taxpayers from further bank bailouts.
Published on 26 November 2018
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