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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We provide global compliance solutions from regulatory licensing to ongoing compliance and AML services, strategic compliance advisory further supported by our single-source services across Fund Solutions, Financial Solutions and Corporate Solutions.

Regulatory compliance for financial services is of utmost importance and supporting our global clients across different regulatory jurisdictions to navigate applicable regulations with business focused compliance solutions enables our clients to stay ahead and seek out opportunities through regulatory change.

Contact us today to learn more.


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