Safeguarding Stability, Enabling Growth: Consultation on Ring-fencing Reform
This consultation invites views on changes to the ring-fencing regime announced as part of the government's ring-fencing review, which are intended to be delivered via secondary legislation.
At Mansion House 2025, the Chancellor confirmed the government’s commitment to uphold the ring-fencing regime and take forward meaningful reforms to support the growth agenda.
HM Treasury subsequently undertook a Review of the regime in close collaboration with the Bank of England, which was published on 18 May 2026. This review announced an intention to make the regime more flexible, proportionate, and responsive to developments in markets and the wider regulatory framework, supporting growth whilst also maintaining important financial stability safeguards.
Elements of the reform package will be delivered through updates to secondary legislation. The government has now published its consultation on the proposed changes to deliver on these elements of the package.