The Financial Services Bill continues to be debated at Committee Stage in the House of Commons. One of the amendments considered yesterday by the Committee concerned the strategic objective of the new Financial Conduct Authority. The Bill as introduced to Parliament provides, in clause 5, that the FCA's strategic objective is to ensure that relevant markets "function well". It was suggested that this should be made clearer by the inclusion of the words "fairly, efficiently and transparently". This was not accepted and the amendment was withdrawn. It is likely, nevertheless, that this issue will be further discussed at the Bill's Report Stage.
Friday 2 March 2012
UK: the strategic objective of the Financial Conduct Authority
The Financial Services Bill continues to be debated at Committee Stage in the House of Commons. One of the amendments considered yesterday by the Committee concerned the strategic objective of the new Financial Conduct Authority. The Bill as introduced to Parliament provides, in clause 5, that the FCA's strategic objective is to ensure that relevant markets "function well". It was suggested that this should be made clearer by the inclusion of the words "fairly, efficiently and transparently". This was not accepted and the amendment was withdrawn. It is likely, nevertheless, that this issue will be further discussed at the Bill's Report Stage.
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