Queen's Speech 2017: financial services implications
Written on 10/08/2018

The measures announced include the following bills, which will be of interest to financial services practitioners

Financial Guidance and Claims Bill. This Bill will:

  • Establish a single financial guidance body that will replace the Money Advice Service (MAS), the Pensions Advisory Service (TPAS) and Pension Wise. 
  • Transfer the regulation of claims management services to the FCA. The FCA will be given the power to cap fees charged by claims management companies (CMCs). Responsibility for complaints-handling relating to claims management will transfer to the Financial Ombudsman Service (FOS). 

Goods Mortgages Bill

This Bill will provide increased protections to borrowers who have taken out a mortgage on goods that they own, such as their car (that is logbook loans). It will repeal the existing Bills of Sales Acts. 

Data Protection Bill 

This Bill will, among other things, establish a new data protection regime, replacing the Data Protection Act 1998.

The government has also published details of the Bills that it intends to bring forward to implement Brexit. These include the Repeal Bill, which will create temporary powers for Parliament to make secondary legislation, enabling corrections to be made to laws that are no longer “in sync” once the UK has left the EU.

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