View the article online at http://citywire.co.uk/new-model-adviser/article/a645021
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.
News sponsored by:
As the UK coalition government strives to rebalance the national economy, so called 'reshoring' looks set to play an increasingly important role in economic recovery.
Today's top headlines
Alastair Mundy met Citywire's Daniel Grote at the London Stock Exchange Studios for a detailed interview about the Investec Cautious Managed fund.
More about this article:
More from us
What others are saying
by Jun Merrett on Jul 31, 2014 at 08:23