Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what assessment he has made of the implications for the effectiveness of the ring-fence between retail and investment banking of the Prudential Regulation Authority's proposal to allow cross-selling and cross-lending between ring-fenced bodies and other entities in the parent group in some circumstances.

The Prudential Regulation Authority's proposed rules allowing cross-selling and cross-lending between ring-fenced bodies and other entities in the parent group in some circumstances are consistent with the ring-fencing legislation and the Independent Commission on Banking’s recommendations. These agency arrangements simply allow for the customer to access products provided by the wider banking group within their local premises.