This report sets out the conclusions of the Prudential Regulation Authority’s review of its rules on ring-fencing, which has been conducted throughout 2023. Most of the ring-fencing regime is contained in legislation, but there are also some requirements set by the PRA in its Rulebook, supported by supervisory statements. It is these PRA rules only that are in scope of this review; however, ring-fenced bodies are subject to the Rulebook as a whole.
Review of ring-fencing rules