FSA powers boosted
The Financial Services Bill, which received Royal Assent on 8 April, gives the Financial Services Authority (FSA) new powers and duties, according to law firm Lovells.
Michael Thomas, senior associate, Lovells, said: "As we've noted before, whether the FSA is to survive in its current form, or alternatively have its functions transferred to the Bank of England, is likely to turn on the result of the General Election.
"However, we do at least know that the Financial Services Bill was not (in the main) a casualty of the election. Yesterday, during the Parliamentary "wash-up", the Bill squeaked through to receive Royal Assent.
"The Act provides new powers and
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