Gov't Proposes Streamlining FCA's Cancellation Process
Law360, London (July 20, 2020, 4:11 PM BST) -- The government announced plans on Monday to overhaul the process for canceling the authorization awarded to financial services companies if they are no longer carrying out regulated activities, as it plans to streamline the exercise.
HM Treasury said it plans to create a new procedure that will allow the Financial Conduct Authority to quickly remove inactive lenders and insurers from its register of financial services businesses. The register allows consumers to check that firms offering financial products and services are authorized and whether the regulator has enforced sanctions against them.
The FCA began regulating a bigger list of businesses, including investment...
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