Context
The Financial Services and Markets Bill 2022-23 has had its second reading in the House of Commons.
Key points to note
- It was confirmed that the government has no plans to merge the FCA and the PRA.
- The debate also included confirmation that the government intends to introduce an intervention power to enable HMT to direct the regulators to make, amend, or revoke rules where there are matters of significant public interest.
- The UK Parliament has invited written submissions on the Bill to the House of Commons Public Bill Committee. The first sitting of the committee is expected to be on 20th September 2022, and it’s scheduled to report by 25th October 2022.
Next actions
None – for information and awareness.