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This report sets out the conclusions of the Prudential Regulation Authoritys (PRA) 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 (RFBs) are subject to the Rulebook as a whole.
The PRA has a statutory duty under the Financial Services and Markets Act 2000 (FSMA) to review the ring-fencing regime it has put in place through its Rulebook every five years, with the first review to take place within five years of the rules coming into force. The ring-fencing regime came into force on 1 January 2019.