Surveys and Reports
Regulatory Developments
United Kingdom: Financial Services Act 2021 becomes law
On 29 April 2021, the Financial Services Bill 2019-21 received Royal Assent. In a press release, HM Treasury described the Financial Services Act 2021 (the Act) as a ‘major milestone in shaping a regulatory framework for UK financial services outside of the EU.’ The Act makes significant amendments to key legislation, including the Financial Services and Markets Act 2000 (FSMA) and onshored EU financial services regulation.
Sections of particular relevance include the following:
Section 29 requires the FCA to consult on whether it should make rules providing that authorised persons owe a duty of care to consumers. The consultation was launched on 14 May 2021 (see the separate item below). The FCA must publish the results of its analysis before 1 January 2022 and make final rules by 1 August 2022;
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Current account switching levels dipped in first three months of 2021 29/04/2021, 12:05 am
The number of current account customers ditching and switching their bank fell in the first three months of 2021 (Tim Goode/PA)
The number of current account customers ditching and switching their bank fell in the first three months of 2021.
A total of 137,976 switches took place in the first quarter of 2021, according to figures from the Current Account Switch Service (Cass).
This marked a 51,297 fall compared with the final quarter of 2020 (189,273) – a time when social distancing measures were relaxed for many people and current account providers started re-introducing switching incentives to the market, Cass said.