Treasury feeds back on banks' ring-fence from pension liabilities: Treasury has fed back on the responses to its consultation on the draft banking reform pensions regulations, which implement the requirement on ring-fenced banks to ensure they cannot become liable for the pension schemes of other entities. Treasury has reaffirmed the need to prevent ring-fenced banks from having shared pensions liabilities with supporting service firms that lay outside the ring-fence. On the other hand, it has accepted to drop the requirement on trustees to inform beneficiaries of changes to the ring-fencing process and has added a materiality threshold to the requirement on banks to apply for regulatory clearance every time they make a change as part of the ring-fencing process. (Source: Banking Reform: Response to the Consultation on Draft Pensions Regulations)

Treasury updates sanctions list: Treasury has updated the consolidated list of UK financial sanctions targets. (Source: Consolidated List of Sanctions Targets in the UK)