| Link(s): | Building a Smarter Financial Services Regulatory Framework: Delivery Plan – GOV.UK (www.gov.uk) |
Context
HM Treasury has published a Policy paper titled “Building a Smarter Financial Services Regulatory Framework: Delivery Plan” as part of its wider reform and scaling back of retained EU law. The plan sets out how the government is delivering the new Framework by replacing retained EU law on financial services.
Key points to note
- The Financial Services and Markets Act 2023 (FSMA 23) repeals retained EU law for financial services in order to deliver a Smarter Regulatory Framework (SRF) which is tailored to the UK. Retained EU law will be replaced with rules set by the UK’s independent regulators, operating within a framework set by government and Parliament.
- As part of the Edinburgh Reforms, HM Treasury published the policy statement Building a Smarter Financial Services Framework for the UK (December 2022). That document set out the government’s policy approach. This follow-up paper describes how HM Treasury will deliver this approach in practice.
- The Plan contains sections on a forward look to significant progress by the end of the year, the balance of responsibilities between HM Treasury and the regulators, targeted policy change, the legislative approach, stakeholder input into the technical approach and government policy-making, and next steps.
Next actions
None – for information and awareness.