Lexis®Library update: Among other things, the Financial Services Act contains measures that enable the implementation of the remaining Basel III standards and a new prudential regime for investment firms, and give the Financial Conduct Authority (FCA) additional powers to oversee an orderly transition away from the LIBOR benchmark.
The Act also contains measures to:
- simplify the process to market overseas investment funds in the UK
- provide long-term access between the UK and Gibraltar for financial services firms
- improve the functioning of the Packaged Retail and Insurance-based Investment Products Regulation
- increase penalties for market abuse
- bring interest-free buy-now-pay-later products into regulation
- make it easier for retailers of all sizes to offer cashback without a purchase
The economic secretary to the Treasury, John Glen, said: ‘For the first time in decades, the UK has full control of its own financial services regulation. This Act will protect people who rely on financial services day-to-day and boost the competitiveness of our dynamic global financial centre.’ According to Glen, the Act ‘marks a major milestone in our plans to develop a regulatory regime that works for the UK and helps us seize new opportunities in the global economy’.
Source: Milestone for UK financial services as Bill receives Royal Assent
This content was first published by LNB News / Lexis®Library, a LexisNexis® company, on 29 April 2021 and is published with permission. Further information can be found at: www.lexisnexis.co.uk.
