Financial Services Act

News & Analysis as of

UK Financial Regulatory Developments - July 2016 #3

CPS pursuing assets in land banking fraud case - Four directors, two of whom had already been disqualified as directors by the Financial Services Authority (now FCA), have been convicted of conspiracy to defraud,...more

UK Legislation Implements Provisions of The Bank of England and Financial Services Act 2016

The Bank of England and Financial Services Act 2016 (Commencement No. 3) Regulations 2016 were made. The Regulations bring a majority of the provisions in The Bank of England and Financial Services Act 2016 into force...more

UK Financial Regulatory Developments - May 2016 #3

FCA extends COBS 13 and 14 modification by consent - FCA has published a revised direction to extend the modification by consent of its Conduct of Business Sourcebook (COBS) in relation to pension schemes. The...more

A&O Decision Report: Fund Manager Challenges FCA's Decision To Impose Prohibition Order

In this decision report we consider the recent decision notice published by the FCA, in which the FCA detailed its reasons for proposing to impose a prohibition order on a fund manager. The Upper Tribunal previously held that...more

PSR consults on regulatory fees

PSR is consulting on setting its regulatory fees for the next year. Its costs will be divided between its roles under the Financial Services (Banking Reform) Act (FSBRA) and the EU Interchange Fees Regulation (IFR). PSR is...more

The UK Contractual Recognition Of Bail-In Rules: Partial Delay To Implementation

On 25 November 2015, the Prudential Regulation Authority (PRA) published a ‘waiver by consent’ in relation to the contractual recognition of bail-in requirements. To the extent that it would be impracticable for firms to...more

DBIS makes SBEEA commencement regulations

DBIS has made the second set of commencement regulations under the Small Business, Enterprise and Employment Act 2015 (SBEEA). The provisions coming into force include an amendment to section 87 of the Financial Services Act...more

Making Bankers Accountable

The Financial Conduct Authority and the Prudential Regulatory Authority have recently been showing signs of gearing up for the new regime which is intended to have the effect of making senior bankers and other financial...more

FCA and PRA Publish Respective Approaches to Regulatory Failure

On April 19, the FCA and PRA (who together have taken over the powers of the FSA) published their respective approaches to investigating and reporting on regulatory failure, as required under the Financial Services Act 2012...more

Corporate Aspects of the UK Financial Services Act 2012

Long-heralded reform of the UK financial services regulation architecture impacts the listed company regime. On 1 April, a new financial regulation architecture became operative in the UK through the Financial...more

The UK’s New Financial Services Act – a Guide to the Main Changes

The UK’s Financial Services Act 2012 (the Act) will come into force on 1 April 2013. On implementation, the Act will amend many of the UK’s existing financial services legislative measures and give effect to several of the...more

The Financial Services Act 2012 – Misleading Statements, Impressions and Financial Promotions

Background - In our previous DechertOnPoints, The Draft Financial Services Bill in the Contextof the Proposed New UK Financial Regulatory Structure and Draft UK Financial Services Bill and the New UK Financial...more

Consultation on Draft Secondary Legislation to Regulate LIBOR

On November 28, HM Treasury published a consultation paper on draft secondary legislation to regulate LIBOR and make its manipulation a criminal offence....more

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