UK plans to relax ringfencing rules on banks to spark Brexit ‘big bang’

Largest banks would still be ringfenced, while smaller lenders might not need to follow rules

Ministers are considering relaxing rules brought in to stabilise the banking system after the credit crunch, as part of government plans to deregulate the City of London and spark a second big bang for financial services after Brexit.

The ringfencing regulations, introduced in the wake of the 2008 global financial crisis, require lenders to separate their high street operations from other activities such as investment banking or international operations.