16 April 2010

Issue: 7413 / Categories: Legislation

Financial Services Act 2010

Financial Services Act 2010

The third piece of financial services legislation since 2007 to respond to the banking and financial crisis. It includes measures designed to improve the position of financial services’ customers.

Key areas:

creates a Council for Financial Stability to co-ordinate the responsibilities and action of the Bank of England, Financial Services Authority and Treasury with respect to financial stability matters;
places a duty on the Financial Services Authority to make rules;
requiring financial institutions to create and maintain recovery and resolution plans in the event that they become financially vulnerable;
requires the Financial Services Authority to make general rules about remuneration policies of regulated firms.

Royal Assent : 8 April

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Financial Services Act 2010

Issue: 7413 / Categories: Legislation

Financial Services Act 2010

The third piece of financial services legislation since 2007 to respond to the banking and financial crisis. It includes measures designed to improve the position of financial services’ customers.

Key areas:

creates a Council for Financial Stability to co-ordinate the responsibilities and action of the Bank of England, Financial Services Authority and Treasury with respect to financial stability matters;
places a duty on the Financial Services Authority to make rules;
requiring financial institutions to create and maintain recovery and resolution plans in the event that they become financially vulnerable;
requires the Financial Services Authority to make general rules about remuneration policies of regulated firms.

Royal Assent : 8 April

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MOVERS & SHAKERS

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Penningtons Manches Cooper—Jean-François Le Gal

Penningtons Manches Cooper strengthens international disputes team with appointment of leading arbitration partner

Shakespeare Martineau—Aaron Sanders & Kate Saunders

Shakespeare Martineau strengthens trust and estates disputes team with new appointments

Bellevue Law—Shannon Moore

Bellevue Law strengthens employment disputes and international advisory capability with senior associate appointment

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Financial Services Act 2010

MOVERS & SHAKERS

Penningtons Manches Cooper—Jean-François Le Gal

Shakespeare Martineau—Aaron Sanders & Kate Saunders

Bellevue Law—Shannon Moore