The FCA today published Policy Statement PS16/9: Ring-fencing: Disclosures to consumers by non-ring-fenced bodies. In this document it summarises the feedback it received to Consultation Paper 15/23 on draft rules for non-ring-fenced bodies, and sets out – as near-final – the rules we propose to make later in 2016.
The FCA publishes this Policy Statement since, as part of the ring-fencing regime, the regulator is required by law to make rules about information that a non-ring-fenced body (NRFB) must provide to individuals who hold an account with them, or apply to open an account.
In July 2015, the FCA consulted on draft rules. This Policy Statement summarises the feedback the FCA received during the consultation period and sets out the rules it proposes to make later in 2016. The FCA’s rules aim to advance its consumer protection objective by helping those affected to make informed financial decisions.
This Policy Statement will be of interest to:
– banking groups that will be required by FSMA to ring-fence their core activities
– consumers who will be eligible to hold accounts with an NRFB
The FCA expects to make the rules described in this Policy Statement later in 2016. Publishing them as near-final allows banks enough time to ensure that they are aware of their obligations before they implement their Ring Fencing Transfer Scheme in 2019.
The FCA statement and the full paper can be found here.