“For the first time in decades, the UK has full control of its own financial services regulation.”
Those were the words of Economic Secretary to the Treasury John Glen MP when the Financial Services Bill received Royal Assent on April 29. Now an Act, the legislation is aimed at ensuring that the UK remains an open and dynamic financial centre with the highest regulatory standards.
Measures in the Act will, among other things, give the Financial Conduct Authority the necessary powers to oversee an orderly transition away from LIBOR; deliver a Ministerial commitment to provide long-term access between the UK and Gibraltar for financial services firms; and improve the functioning of the packaged retail and insurance-based investment products regulation.
Glen commented: “This Act will protect people who rely on financial services day to day and boost the competitiveness of our dynamic global financial centre.
“It 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.”