Financial Services Bill
Industry News | 14/10/19
The Queen’s Speech of 14 October 2019 included the Financial Services (FS) Bill, to replace the FS Bill 2017-19 that fell when Parliament prorogued on 8 October 2019. The new Bill is intended to ensure that the UK maintains its regulatory standards, and remains open to international markets after Brexit. The main elements of the Bill include:
• implementing the Basel standards to strengthen the regulation of global banks, in line with previous G20 commitments;
• simplifying the process which allows overseas investment funds to be sold in the UK in order to maintain the UK’s position as a centre of asset management and provide greater choice to UK consumers; and
• delivering long-term market access to the UK for financial services firms in Gibraltar.