On 23 July 2014, UK secondary legislation detailing the types of entities that will not be considered as ring-fenced bodies under the Financial Services and Markets Act 2000 (as amended by the Financial Services (Banking Reform) Act 2013) was enacted. The entities include insurance companies, banks which hold less than £25 million core deposits, credit unions, provident societies and institutions that would only have become ring-fenced as a result of action taken to stabilize a bank under the Banking Act 2009. The legislation also provides for the FCA to make rules on the information that a non ring-fenced body must provide to an individual account-holder. The secondary legislation comes into effect on 1 January 2015. The PRA and FCA are expected to consult on rules relating to ring-fencing in the autumn.
The secondary legislation is available at: