The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Draft Bill and White Paper published detailing sweeping reforms to UK regulatory architecture

Today, the Government published a White Paper and draft Bill setting out its detailed blueprint for reform of financial regulation in the UK. The White Paper also poses further questions for consultation, and provides a summary of responses to the earlier consultation published in February.

The draft Bill will undergo 12 weeks of pre-legislative parliamentary scrutiny as soon as a scrutiny committee has been established. The consultation closes on 8 September 2011, and it is envisaged that the Bill will be introduced into Parliament before the end of this year.

This briefing provides an initial summary of key issues in the White Paper.

Key points

• Many of the Government's previous proposals have been taken forward into the draft legislation. Several new features have, however, been introduced, including:

• A new insurance objective for the PRA, requiring it to contribute to securing an appropriate degree of protection for those who are, or may become, policyholders.

• A new power for the FCA to require the OFT to consider whether structural barriers or other features of the market are creating competitive inefficiencies in specific markets.

• The proposed power for the FCA to order skilled persons reports will apply in respect of sponsors, as well as to issuers.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree