Of relevance to:
Bank of England and Financial Services Act 2016
The Bank of England and Financial Services Act 2016 has made its way through both Houses and received Royal Assent on 4 May.
It’s not a massive instrument but some points of interest within it include:
- The PRA will no longer be a subsidiary of the Bank of England but rather will be the Bank of England by way of its Prudential Regulation Committee (s12).
- The appointment of the Chief Executive of the FCA will be subject to the individual appearing before the Treasury Committee (or a three month delay if earlier) (s18).
- The legal framework for the extension of the senior managers and certification regime to all authorised firms (s21 and Schedule 4).
- Amending the presumption of responsibility under the Senior Managers Regime (see Regulatory Roundup 72) (s25).
- Appointed Representatives will be permitted to advise on the conversion or transfer of pension benefits (which has only been a regulated activity last June) (s34).