The Financial Services and Markets Act 2000 (Banking Reform) (Pensions) Regulations 2015
These Regulations are made under Part 9B of the Financial Services and Markets Act 2000 (c.8) (“FSMA”) which provides for the ring-fencing of core banking activities. Certain banks carrying on core banking activities will be required to be ring-fenced. These ring-fenced bodies will be subject to requirements intended to ensure that they are capable of carrying on the business of providing the core services related to the acceptance of deposits independently of other members in their group. These Regulations impose requirements in relation to the pension liabilities of ring-fenced bodies.