Overview

Had he not died in 1680, one could have been forgiven for thinking that Francois de la Rochefoucauld was talking about UK financial services regulation when he said: "The only thing constant in life is change." Certainly, change is a constant for regulatory lawyers.

In the run-up to the recent general election, each of the main parties advocated changes to the tripartite management of the financial services industry. The Conservatives were the only party to advocate structural change to the Financial Services Authority (FSA). In the days that followed the election, commentators queried whether these proposals would be shelved as a result of the coalition with the Liberal Democrats.

It has now become clear that the coalition Government is committed to dismantling the FSA and returning prudential regulation of banks to the Bank of England and creating a Consumer Protection and Markets Authority. However, the Government has gone further by advocating the creation of a new Economic Crime Agency to tackle white-collar crime.

Click 'View Briefing' to read the full version of this article by Norton Rose partners Charles Evans and Dorian Drew.