Context
The FCA has announced its support of the Financial Services Bill which has been introduced in Parliament. This FCA has welcomed the Bill which it believes will help to maintain high standards and provide greater clarity to firms.
Key points to note
- The FCA confirmed its support of the Bill’s provisions to amend the Benchmarks Regulation, which is intended to help to manage and direct an orderly wind-down of critical benchmarks such as LIBOR.
- The FCA urges market participants to maintain their focus on the transition away from LIBOR by the end of 2021.
- The FCA confirmed that the Bill also includes several additional areas of interest including:
- the prudential regulation of investment firms (measures relating to the Investment Firms Prudential Review)
- a new route for overseas funds to market to retail investors through the introduction of a new Overseas Funds Regime
- a new framework for the regulatory relationship with Gibraltar
- The FCA intends to continue work with HM Treasury during the Bill’s passage through Parliament.