HM Treasury and the Financial Services Authority Provide Further Details of the New Financial Regulatory System for the United Kingdom

Summary: On 16 June 2011, HM Treasury published ‘A new approach to financial regulation: the blueprint for reform’, setting out the Government’s proposals for reforming the current system of financial services regulation in the United Kingdom. The document extends to more than 400 pages, the bulk of which is taken up by a draft bill amending the existing Financial Services and Markets Act 2000 (“FSMA”) to give effect to the proposals. The attached Client Alert reviews the main outlines of the proposed new structure.