Context
HM Treasury has published details of legislation to enhance the competitiveness of UK financial services and unlock growth and investment across the UK, introduced to Parliament on 20th July. The page on which the details are published will allow other related documents to be sourced, and where the Bill’s passage can be tracked. There is an accompanying Notes document. Other summary details can be found here.
Key points to note
- The Financial Services and Markets Bill repeals hundreds of pieces of EU retained law to enable a coherent, agile and internationally respected regime that works in the interests of the British people.
- Consumers will be protected through legislation safeguarding access to cash for generations to come and enabling the Payment Systems Regulator to direct banks to reimburse victims of Authorised Push Payment fraud.
- The Bill seeks to establish a new regulatory pathway for firms to be able to approve financial promotions, ensuring they better reflect FCA rules which state that promotions should be fair, clear, and not misleading.
The Bill will:
- Implement the outcomes of the Future Regulatory Framework (FRF) Review
- Revokes retained EU law relating to financial services and enable HM Treasury and the financial services regulators to replace it with legislation designed specifically for UK markets, in a way that builds on the UK’s existing approach to financial services regulation
- Enhance the UK’s existing regulatory regime by updating the objectives of the financial services regulators to ensure a greater focus on long-term growth and international competitiveness
- Maintain the UK’s position as an open and global financial hub
- Harness the opportunities of innovative technologies in financial services
- Bolster the competitiveness of UK markets and promote the effective use of capital
- Support the levelling up agenda, promote financial inclusion and consumer protection.
Next actions
None – for information and awareness, but there is a significant amount of detail included within the Bill.