Jurisdiction(s):
United Kingdom

Key definition

Infrastructure definition

What does Infrastructure mean? In legal practice, infrastructure describes assets and networks that provide essential or public services and the projects to procure, finance, construct, operate and maintain them. It is a descriptive term rather than a single defined legal concept; sectoral statutes and planning regimes define specific categories for particular purposes (for example, nationally significant infrastructure projects under the Planning Act 2008 in England and Wales; national or major developments in Scotland; regionally significant development in Northern Ireland; and strategic infrastructure development under Ireland’s Planning and Development Acts). Sectors commonly include transport (roads, railways, ports and airports), social infrastructure (schools, hospitals and justice estates),...

UK financial conglomerates: FICOD and FICOR implementation, Brexit changes, FSMA 2023 revocation framework, and ongoing FCA/PRA supervision and reporting

Published by a LexisNexis Financial Services expert

Practice notes

Background

Financial conglomerates are sizeable groups active across more than one financial arena—banking, investment and insurance. They typically have intricate structures, operate across borders, and the wider organisation may include unregulated entities (from a financial legislation perspective), as well as entities not involved in financial services or engaged in non-financial activities. Historically, the bancassurance approach has been the leading operating model for such groups. Bancassurers bring together banking and insurance within a single organisation, enabling a full range of financial products in a one-stop shopping model—from conventional banking, through mutual funds, to insurance products. For insurers, bancassurance opens new distribution channels supported by a stable customer base; for banks, it broadens the product mix and lifts profitability by selling more through the same infrastructure already in place, thereby reducing fixed and overhead operating costs (economies of scale). Financial conglomerates conduct a variety of financial activities, each supervised under its own sectorial regime. There was a concern that this sectorial focus produced gaps and failed to capture the risks generated by interactions between these sectors within the wider group, with key interdependencies potentially being overlooked across the group as a whole...

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Web page updated on 22/05/2026

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