Financial Services Act 2010

16 April 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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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

If you are not a subscriber, subscribe now to read this content

If you are already a subscriber sign in

...or Register for two weeks' free access to subscriber content

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MOVERS & SHAKERS

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CBI South-East Council—Mike Wilson

Blake Morgan managing partner appointed chair of CBI South-East Council

Birketts—Phillippa O’Neill

Commercial dispute resolution team welcomes partner in Cambridge

Charles Russell Speechlys—Matthew Griffin

Firm strengthens international funds capability with senior hire

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Financial Services Act 2010

MOVERS & SHAKERS

CBI South-East Council—Mike Wilson

Birketts—Phillippa O’Neill

Charles Russell Speechlys—Matthew Griffin