The UK Government has published proposals to combine all the supervisory and regulatory powers in respect of financial services under one regulator, the Financial Services Authority. The draft Financial Services and Markets bill sets up a single ombudsman and compensation scheme for investors and depositors, a financial services appeals tribunal, oversight of the Lloyd’s insurance market, and powers to extend regulation to a large range of financial products that have previously been regulated in different ways. In a response to what it calls the “blurring” of the distinction between advertisements and other promotions (for example, telemarketing) the bill brings together all the rules covering financial promotion into a single regime.
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