The Financial Services Act 2021 received royal assent on 29 April 2021. The Act contains measures to enable implementation of the remaining Basel III standards and a new prudential regime for investment firms, and gives the Financial Conduct Authority additional powers to oversee an orderly transition away from the LIBOR benchmark.
The Act also contains measures which simplify the process to market overseas investment funds in the UK, increase penalties for market abuse, bring interest-free ‘buy-now-pay-later’ products into regulation, and make it easier for retailers of all sizes to offer cashback without a purchase.
The Financial Services Act 2021 received royal assent on 29 April 2021. The Act contains measures to enable implementation of the remaining Basel III standards and a new prudential regime for investment firms, and gives the Financial Conduct Authority additional powers to oversee an orderly transition away from the LIBOR benchmark.
The Act also contains measures which simplify the process to market overseas investment funds in the UK, increase penalties for market abuse, bring interest-free ‘buy-now-pay-later’ products into regulation, and make it easier for retailers of all sizes to offer cashback without a purchase.
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