What does it mean if a job is ring-fenced?

Ring-fencing 10.1 Ring-fencing is the grouping of employees who have not been automatically matched to a new position to available vacancies within the new structure. Consideration will be given to comparing the job duties and grade of the new/vacant posts with the job currently undertaken by the employee(s).

What is ring-fencing property?

What is ring-fencing? Ring-fencing is any system that divides someone’s financial assets. Essentially, it creates a “fence” around a segment of their income. In New Zealand, if you make a loss on your investment property, you used to be able to offset your losses against the rest of your income.

What is a suitable alternative role?

Put simply, a suitable alternative role is one where the new role is broadly similar to the existing role that the employee holds. This can be in both job content and terms and conditions.

What is job assimilation?

Assimilation. An assimilation occurs where a new job is sufficiently comparable (over 50%) to an employee’s old job, both in the person specification and the job description. There should be a match between the requirements of the new and old jobs and the grade would be the same.

What makes a bank a non ring fenced bank?

A ring-fenced bank (RFB) – for retail activities, and which is also permitted to carry on most commercial activities. A non-ring-fenced bank (NRFB) – for complex wholesale client banking needs and banking that is booked outside the European Economic Area (EEA). Our approach to ring-fencing

What is the meaning of the word ring fence?

ring-fenced definition: protected and only able to be used for a particular purpose: . Learn more.

Do you have to be outside the ring fence?

Most exposures to financial institutions and trading activities must be placed outside the ring-fence. Some activities, notably banking for larger companies, may be on either side of the ring-fence. To comply with these rules, banks will need to move some customers into a new part of the bank.

Why is ring fencing needed in the UK?

Links to the legislation can be found here: Ring-fencing will support financial stability by making banking groups simpler and easier to ‘resolve’. This means that if either the ring-fenced or non ring-fenced part of the bank fails, it will be easier to manage the failure in an orderly way without the need for a government bail-out.