The Financial Services Bill was introduced to Parliament on 26
January 2012 and has now been published.
Subject to the parliamentary timetable the Government's aim is
for the Bill to gain Royal Assent by the end of 2012, and for the
new system to be operational in early 2013. Alongside introduction
of the Bill the Government has published a policy document 'A
new approach to financial regulation: securing stability,
protecting consumers', detailing the main changes the
Government is making to the Bill as a result of this scrutiny, and
further consultation.
Key changes include significant amendments to crisis management
arrangements between HMT/BoE and the decision to transfer consumer
credit regulation to FCA. The document also contains a summary of
consultation responses received to the White Paper and draft Bill
published in June 2011. In addition, drafts of specific MOUs have
been published together with several draft SIs to support scrutiny
of the Financial Services Bill.
Simon Morris has produced an analysis of the revised Financial
Services Bill, "A new approach to financial regulation".
He has looked closely at the policy, the key changes, the elements
of the reforms and its impact on the Bank of England and the
Financial Policy Committee, the Prudential Regulation Authority and
the Financial Conduct Authority. Click
here to read Simon's report.
For further analysis of the new regulatory regime, please click here to access our RegZone page "The
demise of the FSA: the new regulatory order". Please click
here to go straight to our online timeline and tracker. This
covers the progress and timetable for the transition to the new
regime.
This article was written for Law-Now, CMS Cameron McKenna's free online information service. To register for Law-Now, please go to www.law-now.com/law-now/mondaq
Law-Now information is for general purposes and guidance only. The information and opinions expressed in all Law-Now articles are not necessarily comprehensive and do not purport to give professional or legal advice. All Law-Now information relates to circumstances prevailing at the date of its original publication and may not have been updated to reflect subsequent developments.
The original publication date for this article was 30/01/2012.