The Bank of England has published four papers that propose changes to improve the resilience and resolvability of deposit-takers and reduce the disruption to customers and the system if a deposit-taker or insurer fails.
Several changes are expected to take place by January 2019 (preliminary plan of legal and operating structures should be submitted by 31 December 2014). The changes the Government introduces aim to ensure the minimal disruption of services when ring-fenced banks and groups containing ring-fenced banks are under resolution.
The supervisor engaged with the tasks is the Prudential Regulation Authority (PRA) that will be consulting on three areas of ring-fencing policy: the legal structure of banking groups; governance; and continuity of services and facilities.
The PRA is also consulting on changes to enhance depositor and insurance policyholder protection.
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