Financial Services Bill published

The government has published its long-awaited Financial Services Bill, which sets out legislation to shake-up the regulation of the UK's financial services.

Under the terms of the bill, the Financial Services Authority will be replaced by three separate entities – the Financial Policy Committee, the Prudential Regulation Authority and the Financial Conduct Authority.

The first two will be parts of the Bank of England and take responsibility for ensuring financial stability through prudent regulations at a macro and micro level respectively.

The latter will serve as an independent body responsible for overseeing conduct regulations.

Mark Hoban, financial secretary to the treasury, said that the aim of the new legislation is to create a framework that is "clear, coherent and comprehensive".

He said: "This government has taken the necessary action to tackle the difficult and dangerous legacy left behind by the financial crisis, including a tripartite structure not fit for purpose.

"We've listened to the views of stakeholders following an unprecedented period of consultation, and are determined to strengthen the financial system in a way that safeguards financial stability and protects consumers."

If you would like to discuss how we can assist you further please contact us on: Tel: +44 (0)20 32077400 or email our team of advisers.ADNFCR-2318-ID-801277500-ADNFCR