On October 15, HM Treasury published draft secondary legislation relating to the Financial Services Bill which is currently being considered by Parliament. Among the matters covered by the draft secondary legislation are:
- the allocation of regulator responsibility between the two successor regulators to the Financial Services Authority: the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA);
- the threshold conditions that authorized persons must meet in order to become and remain authorized under the UK financial services regulatory regime;
- the powers of the PRA and FCA to make directions and gather information;
- the allocation of responsibility for rulemaking with regards to the Financial Services Compensation Scheme between the FCA and PRA; and
- the power to designate bodies that can make super-complaints about the impact of the market in the UK for financial services in the interests of consumers.
The consultation period lasts until December 24.