PRA has published a policy statement on ring-fencing transfer schemes (RFTSs) as well as a statement of policy on its approach to RFTSs. FCA has also published finalised guidance on its approach to RFTSs. Under the Financial Services and Markets Act 2000, PRA is required to determine whether to approve the skilled person appointed to make the RFTS report and then whether to approve the scheme report itself, in each case following consultation with FCA. PRA must also decide whether to give consent to the application for the RFTS. Only minor changes have been made to either regulator’s position following consultation on this approach and guidance. PRA has also published a new page on its website, explaining the role of the skilled person and how to make applications. (Source: PRA approach to RFTSs and FCA guidance on RFTSs)