And, in my experience, the FCA doesn’t find this sort of pedantry too convincing. Where US regulators tend to more be deferential to each entity being separate

And, in my experience, the FCA doesn’t find this sort of pedantry too convincing. Where US regulators tend to more be deferential to each entity being separate (provided you’ve jumped through a few small governance hoops) the FCA tend focus on how the entities are actually functioning rather than what the paperwork says.