The measures announced include the following bills, which will be of interest to financial services practitioners
Financial Guidance and Claims Bill. This Bill will:
Goods Mortgages Bill
This Bill will provide increased protections to borrowers who have taken out a mortgage on goods that they own, such as their car (that is logbook loans). It will repeal the existing Bills of Sales Acts.
Data Protection Bill
This Bill will, among other things, establish a new data protection regime, replacing the Data Protection Act 1998.
The government has also published details of the Bills that it intends to bring forward to implement Brexit. These include the Repeal Bill, which will create temporary powers for Parliament to make secondary legislation, enabling corrections to be made to laws that are no longer “in sync” once the UK has left the EU.