Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

MPs give green light to tougher financial regulation plans

1 Comment
MPs give green light to tougher financial regulation plans

MPs have given the green light to plans for tougher 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.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Biotech Growth: we will ride out this storm

Biotech Growth: we will ride out this storm

Geoffrey Hsu of Biotech Growth Trust says the sell-off in biotechnology stocks represents a buying opportunity for long-term investors.

Play Sector Spotlight: Kleinwort Benson's Choukeir on UK equities

Sector Spotlight: Kleinwort Benson's Choukeir on UK equities

In our first Sector Spotlight of the year we explore UK equities on the back of the extreme market turbulence in 2016.

Play Picton: the UK property hotspots for rental income

Picton: the UK property hotspots for rental income

Picton Property Income CEO Michael Morris reveals how he is planning to ride the ‘ripple effect’ as UK economic growth spills out from the capital across the country.

Your Business: Cover Star Club

Profile: PortfolioMetrix is on a mission to kill 'Frankenstein' systems

Profile: PortfolioMetrix is on a mission to kill 'Frankenstein' systems

In a buyers’ market for off-the-peg discretionary management, self-funded start-ups begin at an inherent disadvantage

Wealth Manager on Twitter