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Special administration regime proposed for investment firms

16 Sep 10

Treasury consults on new measures to protect against wider economic fallout from future failures

Commercial Secretary to the Treasury, Lord Sassoon, has set out proposals in a consultation paper for a new special administration regime intended to strengthen the UK’s ability to deal with any future failures of investment firms.

Lord Sassoon said: "Investment firms are a core part of the national and international financial system and play a critical role in providing market liquidity."

"It is crucial to reduce the impact of an investment firm failure on the stability of the UK financial systems. The proposed new special administration regime will provide administrators with clarity and direction to manage a firm’s winding up in a way that is both less expensive and less disruptive."

The proposed new special administration regime is not expected to impose any additional regulatory costs on the private sector.

The Treasury confirmed it has drawn on the views of industry, the Bank of England and the Financial Services Authority (FSA) to develop the special administration regime, ahead of the official consultation.

The full consultation paper can be read here.

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