The first commencement order made under the Financial Services Act 2010 has brought into force from 12 October provisions of the FS Act which:
- remove FSA’s public awareness objective and instead require FSA to take into account improving public knowledge and for it to pay regard to information from the Consumer Financial Education Body (CFEB);
- give FSA power to publish more supervisory notices at an earlier stage in the enforcement process than currently;
- provide for FSA to set up a consumer redress scheme; and
- extend the scope of FSCS powers.
More of the Act takes effect from 1 April 2011, to give OFT the power to impose levies on consumer credit licensees or applicants to help fund the CFEB, and to allow FSA to appoint an independent person to review the CFEB. (Source: 2010 No. 2480)