The new UK Financial Services and Markets Bill aims to implement the outcomes of the government’s future regulatory framework review and to make other changes to update the UK regulatory regime.
The Bill would revoke retained EU law on financial services and give HM Treasury broad powers to make regulations restating and revising that law and designating other activities for regulation by the UK regulators. It would also make changes to the UK regulators’ objectives and the mechanisms for their accountability.
In addition, the Bill would implement the outcomes of other reviews, including the reviews of the regulation of wholesale markets, financial market infrastructure, digital settlement assets, critical third-party service providers, financial promotions and access to cash and of the regimes for central counterparties and insurers in financial difficulties. It also would give HM Treasury new powers to implement mutual recognition arrangements with other countries and modify the rules for approving changes in control of authorised persons.
The Bill and the government’s explanatory notes are available here.