Reino Unido flexibiliza la separación de banca de inversión y minorista

The UK government is relaxing the separation of investment and retail banking, affecting five banks including Santander. The Financial Services Act of 2013, implemented in full since 2019, required these entities to separate their retail activities from investment banking. The main aim now is to increase financing amounts for companies, thus promoting growth, which the Keir Starmer administration states as its top priority.

The government will consult on assigning up to 10% of risk-weighted assets from Pillar 1 for credit risk, potentially unlocking up to £80 billion (€92 billion) in financing for businesses and infrastructure. These reforms aim to create a more agile and efficient banking regime, allowing banks to operate more efficiently without undermining customer rights.

The new allocation, called the growth allowance, will enable banks to use their liquidity more flexibly, and the Financial Conduct Authority (FCA) can be more agile in updating and adjusting rules as the system evolves. The changes will be implemented through legislation, which will also update consumer protection in the digital world, improve coordination between regulatory bodies, including integrating the Payment System Regulator into the FCA, and reduce bureaucracy.

Santander UK's CEO, Mahesh Aditya, believes the proposed changes are a step in the right direction to balance maintaining the strength and resilience of the UK's financial system while allowing banks to support growth, investment, and employment. UK Finance, the financial sector's trade body, urges the implementation of these reforms quickly, as they will allow affected banks to offer a wider range of products and services, eliminate inefficiencies, and ensure regular review of limits.

The reforms, which have been in effect since 2019, required banks with over £25 billion in assets to isolate their retail businesses in a separate, ring-fenced entity from their investment banking segment. Since 2021, following Brexit, Santander UK operates its retail business, which handles most of its personal and corporate client activity, while having a branch, Santander London Branch CIB, for other non-offered products.