UK: authorised firms, financial promotions and a new 'regulatory gateway'

The Government has confirmed, following a consultation, that it will - when parliamentary time allows - introduce legislation to require authorised firms to pass through a "regulatory gateway" before they are able to approve financial promotions by unauthorised firms: see here (pdf). This change is being made because of concerns with the effectiveness of the current regime under which no specific assessment is made of authorised firms approving such promotions.