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Red face threat for Government

The Government faces embarrassment following the revelation a key part of its financial services bill relating to e-commerce may breach European e-commerce law.


The financial services and markets bill makes it a criminal offence to for banks, fund managers and insurers based in other countries to promote services to UK consumers, unless they have been cleared by UK regulators.


But the UK may be taken to task by the European Commission for infringing a European directive saying online companies need only be regulated by their home country.


Dibb Lupton Alsop lawyer Mike Pullen says: “You might not win infringement proceedings, but I would put money on the fact you could get such proceedings opened, which would be intensely embarrassing for the Government.”

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