First version of the legislation that will change the structure of financial services regulation in the UK
The draft Financial Services Bill (the Bill) can be read at pages 59 to 277 of this HM Treasury consultation paper. The accompanying draft explanatory notes to the Bill are pages 279 to 362.
The Bill will heavily amend the Financial Services and Markets Act 2000, the Bank of England Act 1998 and the Banking Act 2009 in order to bring into effect the new system of financial services regulation.
This post contains an overview of that system, looking at the proposed new bodies – the Financial Policy Committee, the Prudential Regulation Authority and the Financial Conduct Authority. This post looks in more detail at the Financial Conduct Authority, the body that will be of most interest to Corporate lawyers.
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