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UK banks must publicize transfers of assets across ring fences, FCA says

( September 18, 2015, 10:21 GMT | Official Statement) -- MLex Summary: British banks would have to notify the public and communicate with customers about transfers of activities into or out of ring-fenced units, the Financial Conduct Authority proposed. The draft is part of the FCA’s guidance for how to apply the UK law protecting retail business at banks with more than 25 billion pounds of deposits. Transfers would require backing from the FCA as well as the Prudential Regulation Authority — which has a separate proposal today — followed by court approval. The following is the text of the statement. Click the attachment at bottom for the full document....

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