New UK Financial Services Act, 2021

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The UK Financial Services Act 2021 is an omnibus piece of legislation that amends parts of the Financial Services Markets Act 2000, received Royal Assent on April 29 2021.

At a glance, the new Financial Services Act 2021- sets forth the following:

  • UK Benchmarks framework – enabling the UK FCA to designate a critical benchmark and to prohibit new use of outgoing benchmarks;
  • Access to financial services markets- between UK and Gibraltar
  • Overseas Funds Regime (OFR) – simplification of process to enable overseas investment funds to be marketed into the UK, amending Part 17 of FSMA, Money Market Funds from ‘approved’ countries/territories;
  • Introduction of a new prudential regime for credit institutions and investment firms
  • New consumer ‘duty of care’ to be consulted on by the FCA;
  • Power of the FCA to clarify the scope of the on-shored PRIIPs regulation
  • Additional powers for ‘Buy-now, Pay-later’ Schemes
  • Process for the FCA under Part 4A to cancel or vary the authorisation of a firm, particular inactive firms;
  • Increasing sentence for insider dealing and financial services offences

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