Treasury plans £300m financial industry revamp

The Government’s Better Regulation Measures document, currently in the consultation phase, aims to cut costs for the industry by introducing a paper-less settlement system. It also wants to create a wider fund choice for investors by speeding up the adoption of EU domiciled funds which use UCITS III powers into the UK, and it called for the creation of a protected cell regime for OEICs. Sufficient legislation is already in place to allow a con-version to fully electronic settlements to be made. The Treasury believed it would save advisers’ and providers’ time and money, although a ...