Surveys and Reports
Regulatory Developments
United Kingdom: Financial Services Act 2021 becomes law
On 29 April 2021, the Financial Services Bill 2019-21 received Royal Assent. In a press release, HM Treasury described the Financial Services Act 2021 (the Act) as a ‘major milestone in shaping a regulatory framework for UK financial services outside of the EU.’ The Act makes significant amendments to key legislation, including the Financial Services and Markets Act 2000 (FSMA) and onshored EU financial services regulation.
Sections of particular relevance include the following:
Section 29 requires the FCA to consult on whether it should make rules providing that authorised persons owe a duty of care to consumers. The consultation was launched on 14 May 2021 (see the separate item below). The FCA must publish the results of its analysis before 1 January 2022 and make final rules by 1 August 2022;
£76,000 found in old bank accounts has been given to a Derry cultural centre derrynow.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from derrynow.com Daily Mail and Mail on Sunday newspapers.
£76,000 found in old bank accounts has been given to a Derry cultural centre
An Gaeláras benefits from dormant accounts initiative
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An Irish language and cultural organisation in Derry is one of the first organisations to be awarded a grant from The Dormant Accounts Fund NI.
Dormant accounts are defined as those which have seen no customer-initiated activity for at least 15 years.
Under the Dormant Bank and Building Society Accounts Act 2008, money has been released from these unused accounts to the National Lottery Community Fund for distribution to good causes across the UK.
The programme, delivered by The National Lottery Community Fund in conjunction with the Department of Finance, is supporting the voluntary, community and social enterprise (VCSE) sector to be more resilient and prepared for the long-term future.
a multilateral MoU with EU and EEA NCAs covering supervisory cooperation, enforcement and information exchange between UK and EU/EEA national supervisors in the field of insurance regulation and supervision;
an MoU with the European Insurance and Occupational Pensions Authority (EIOPA) covering information exchange and mutual assistance between the UK authorities and EIOPA in the field of insurance regulation and supervision;
an MoU with the European Banking Authority (EBA) covering information exchange and mutual assistance between the UK authorities and the EBA in the field of banking; and
individual MoUs with EU and EEA NCAs covering supervisory cooperation and information-sharing arrangements in the field of banking. These can be found on the PRA website.