Mar 9, 2018

High Court approves Barclays ringfencing plan

Barclays has become the first UK bank to obtain High Court approval for the ringfencing of its day-to-day banking activities. The bank was the first of five institutions to seek court permission to separate its retail banking activities from its riskier investment bank under new government reforms designed to make the banking system safer and to protect ordinary customers and taxpayers from footing the bill for bank bailouts. Barclays plans to transfer its UK retail and business banking customers to the new ringfenced bank in April 2018. Both banks will operate alongside, but independently, from each other as part of the Barclays Group, but the restructuring plans require approval by the Prudential Regulation Authority and the High Court. Other banks including Lloyds and HSBC will have their ringfencing plans examined by the High Court over the coming months.

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