Ring-Fenced Bodies

Policies relating to ring-fenced bodies of banks.
This page lists the policies relating to ring-fenced bodies only. Firms should also consult policies relating to banks, building societies and investment firms. Policies on the O-SII buffer, to which all ring-fenced bodies are subject, can be found in the capital buffers page and on the policies relating to specific types of firms page.

PRA Rules and Modifications by Consent

UK legislation

  • Financial Services and Markets Act 2000 (Part 9B)
  • Financial Services and Markets Act 2000 (Part VII and Schedule 12, Part 2B)
  • Financial Services and Markets Act 2000 (Part 12A, Section 192JA)
  • The Financial Services and Markets Act 2000 (Ring-fenced Bodies and Core Activities) Order 2014 (SI 2014/1960)
  • The Financial Services and Markets Act 2000 (Excluded Activities and Prohibitions) Order 2014 (SI 2014/2080)
  • Financial Services and Markets Act 2000 (Banking Reform) (Pensions) Regulations 2015 (SI 2015/547)

Supervisory Statements and Statements of Policy

  • Ring-fenced bodies (RFBs) (SS8/16)
  • The implementation of ring-fencing: the PRA’s approach to ring-fencing transfer schemes (SoP2/16)

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This page was last updated 02 October 2025