UK’s Parliament Approves Regulatory Reform Of Financial Services

The UK Government today announced the successful passage through Parliament of the Regulatory Reform (Financial Services and Markets Act 2000) Order 2007. The Order will reduce a number of burdens currently placed on the FSA and business. These include removing some of the burdens placed on the FSA when consulting on guidance and lightening the authorisation requirements in relation to partnerships whose members change.

Economic Secretary to the Treasury, Kitty Ussher, commenting on the Order's successful passage through Parliament, says:

"This package of measures will reduce red-tape which will benefit the businesses the FSA regulates. Most significantly, a partnership will normally now be able to continue trading and remain authorised by the FSA following a change in its membership."