Britain has set out plans to ease key banking and insurance rules in the latest attempt to boost its vital financial sector following the country's departure from the European Union.
Britain has set out plans to ease key banking and insurance rules in the latest attempt to boost its vital financial sector following its departure from the European Union.
Continuing with the"Edinburgh Reforms" outlined in December, the finance ministry set out a public consultation on proposed secondary legislation to implement recommendations made in a review conducted by a panel led by Keith Skeoch, a former investment fund boss. It aims to ensure that deposits are safe even if riskier investment banking activities - outside the ring fence - lose value. That adds costs for banks.
The UK government intends to put forward secondary legislation - a law created by ministers under powers provided by an act of Parliament - for implementing the reforms in early 2024.Banking industry body UK Finance questioned the need for ring-fencing rules at all given significant changes made to aid the smooth closure of failing banks without taxpayer aid.
A so-called matching adjustment gives capital relief on assets that will generate returns at the right time to cover future payouts to policyholders.
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