On 18 October 2021, the Financial Services Act 2021 (Commencement No. 1) (Amendment) (Savings Provision) Regulations 2021 was published on the legislation.gov.uk website.

These Regulations amend the Financial Services Act 2021 (Commencement No. 1) Regulations 2021.

Schedule 1 to the Financial Services Act 2021 provides, amongst other things, for the revocation of the FCA’s powers to make technical standards under the Capital Requirements Regulation (CRR). In accordance with regulation 5 of the Financial Services Act 2021 (Commencement No. 1) Regulations 2021, these provisions come into force on 1 January 2022. Any technical standards in force before this date will still have effect because only the FCA’s power to make, modify, amend or revoke technical standards is being removed; the technical standards themselves are not being revoked.

Regulation 2(2) of the Regulations saves the FCA’s power to modify, amend or revoke technical standards made under the CRR which were in force before 1 January 2022.

The Regulations will come into force on 1 January 2022.