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Financial Services Act 2021

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Explanatory Notes

Explanatory Notes

Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
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Section 49(5) sets out that the provisions of the Act, other than those listed in subsections (1) to (4), will commence on the day appointed by HM Treasury by regulations. Subsection (1) lists provisions which will commence on Royal Assent and subsection (2) lists provisions which will commence two months after Royal Assent. Subsection (4) makes provision for section 32 to be commenced on the day appointed by either HM Treasury or the Secretary of State by regulations.