Milestone for UK financial services as Bill receives Royal Assent
The UK has taken an important first step in shaping its own financial services regulation outside the EU as the Financial Services Bill received Royal Assent today (29 April 2021).
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the Financial Services Bill has received Royal Assent and is now law
represents major milestone in shaping a regulatory framework for UK financial services outside of the EU
enhances competitiveness of the sector and ensures it continues to deliver for UK consumers and businesses
The Bill – which is now an Act – will ensure the UK remains an open and dynamic financial centre, with the highest regulatory standards, and protect people across the UK as they use financial services.
Mortgage prisoners are trapped in loans they took out pre-financial crisis
MPs voted against an amendment to the Financial Services Bill which would have slashed interest rates and cut payments by up to £800 per month
Campaign group says MPs don t understand their situation and calls for government-backed loans like those being offered to first-time buyers
Treasury says it needs to collect more data on mortgage prisoners before it can come up with a solution, and will review current policies
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Recent regulatory developments of interest to most financial institutions, including updates from the UK government, PRA, FCA, JMLG and the European Commission.
Contents
UK FinTech and financial services plans
LC&F compensation scheme and complaints to FCA
Lessons from Greensill Capital: Treasury Committee inquiry
Diversity: BoE launches Meeting Varied People initiative
PRA authorisations: updates on rule waivers and modifications and CRR and Solvency II permissions
UK Investment Firms Prudential Regime: FCA second consultation CP21/7
FCA transformation programme: update to HM Treasury
FCA appoints sustainability and technology directors
FCA regulated fees and levies for 2021/22: CP21/8
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th April 2021 9:46 am
MPs in the House of Commons have voted against an amendment to the Financial Services Bill which sought to bring in a cap on standard variable rates for mortgage prisoners.
The amendment, which was passed in the House of Lords 12 days ago, would have allowed the government to set a maximum SVR for borrowers who were stuck with inactive or unregulated lenders.
But despite many MPs speaking out in favour an SVR cap in Parliament yesterday evening, the majority voted to “disagree with Lords amendment 8”.
A total of 355 Conservative MPs followed the whip and voted to scrap the amendment, while 195 Labour MPs and voted to keep the amendment along with 72 MPs from other parties.
Devastating warning to Ministers on the financial asset millions can t do without: It s crunch time for cash.Protect it by law – or it could be history in months
The Government is coming under increasing pressure to introduce legislation that will ensure nationwide access to cash and banking services
Such legislation was promised more than a year ago but has been delayed for a number of reasons including the pandemic
Some experts now fear that unless the Government acts soon, the country s cash system could collapse within the next 12 to 24 months