Milestone for UK financial services as Bill receives Royal Assent
6th May 2021
The Financial Services Act represents a major milestone in shaping a regulatory framework for UK financial services outside the EU. Of key interest to members is that Gibraltar-based insurer capacity is maintained through the establishment a new Gibraltar Authorisation Regime that allows financial services firms based in Gibraltar to continue to offer regulated activities in the UK. The Act sets out arrangements for implementing and running the new regime, which will be based on compliance with the objectives of the Act, alignment of law and regulatory oversight in both jurisdictions, and cooperation between parties on both sides.
Read the Treasury’s press release here.