The Financial Services Bill received its first reading in Parliament this week as the Government focuses on getting the financial services sector ready for Brexit.
The Financial Services Bill is designed to help ensure the UK maintains its “world-leading regulatory standards and remains open to international markets after the UK leaves the EU.”
It was announced in the Queen’s Speech in December 2019.
The Bill has been welcomed by the Financial Conduct Authority which said it will help to maintain high standards and provide greater clarity to firms. It particularly welcomed the Bill’s provisions to amend the Benchmarks Regulation, which is intended to help manage and direct an orderly wind-down of critical benchmarks such as LIBOR. The regulator said it will continue its work with the Treasury during the Bill’s passage through Parliament.
PIMFA, the trade association for the wealth management and financial advice industry, also welcomed the