Published: 25th May 2016

Of relevance to:

All firms


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).
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