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MPs rubber-stamp plans for tougher regulators
by Daniel Grote on Dec 12, 2012 at 08:42
MPs have rubber-stamped plans for tougher financial services regulation after approving the final version of the financial services bill.
MPs' approval of the bill followed amendments proposed by the House of Lords to broaden the mandates of the regulatory bodies created by the legislation, the Financial Times has reported. The changes included handing the FCA a mandate to ensure access to financial services.
Under the bill, the Financial Services Authority will be abolished and replaced by the Financial Conduct Authority (FCA)and Prudential Regulation Authority. It will now go to the Queen for royal assent.
The bill hands the FCA authority over benchmarks such as Libor, while the Bank of England will be granted greater discretion to wind up of rescue failing investment groups.
Treasury Select Committee chairman Andrew Tyrie earlier this week warned that the amendments to the bill were being rushed through parliament.
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iShares: Time to shatter the ETF myths
As result of industry changes - the retail distribution review - and a growing focus on cost-efficient solutions, we anticipate the number of investors using ETFs will rise significantly over the coming years.
But as with any newer product, especially in the financial world, various misconceptions about ETFs have perpetuated over the years and iShares is committed to addressing and ultimately dispelling these.