The FCA's finalised Consumer Duty package was published in July 2022. It contained some welcome clarifications and an extended implementation date for firms. Nevertheless, implementing the package remains a significant undertaking. On this call we will share our thoughts on key points in the FCA's finalised rules and guidance, and potential impacts that the Consumer Duty will have on asset managers, banks, custodians and investment firms.
In this call on hot topics in financial regulation, we took a broad look at the UK regulatory landscape, including the latest developments and expected next steps for the UK's Future Regulatory Framework. We also focused on recent developments in cryptoasset and payments regulation, including expected changes to the UK regulatory perimeter and recent case law on safeguarding requirements. Finally, we discussed the recently published FCA strategy and priority areas of focus for the UK regulators over the next year and beyond.
Following the end of the UK-EU transitional period after the 31 December 2020, the UK empowered its financial regulators to use Temporary Transitional Power (TPP) to help firms adapt to the new regulatory environment over a period of time. This meant that firms and other regulated persons did not generally need to adjust to their UK regulatory obligations brought about by the onshoring of EU laws into the UK acquis straight away, with some exception. The TPP period expires on 31 March 2022 and firms and other regulated persons are expected to have prepared for full compliance with the onshored UK regime after that date.
This session looked at some key trends that may impact the buy-side, sell-side, payments sector and fintechs in 2022, both in the EU and UK.
The UK HM Treasury has just published its latest consultation on the Future Regulatory Framework. This is another step in delivering the government's vision for the financial services sector after the UK's exit from the EU. On this call, our expert panel discussed key developments, what they mean for the UK's regulatory architecture and the potential impact on firms subject to UK regulation
The UK government is consulting on the UK's future regulatory framework, looking at how the current framework may need to adapt to be fit for the future. In particular, the consultation looks at the way in which powers to make new laws and rules should be allocated between Parliament, Treasury and the regulators, and what changes may be needed to the current position to reflect the UK's new status outside the EU. In this call, we provided an overview of the main policy options considered in the consultation and their potential implications for the future UK regulatory framework. Kikun Alo chaired the discussion with colleagues Laura Douglas and Diego Ballon Ossio.
The Financial Services Bill was introduced to Parliament on 21 October 2020. The bill is the first step to ensure the UK's regulatory framework for financial services continues to function effectively now that the UK has left the EU, and is designed to enhance competitiveness of the sector and ensure UK customers are protected. In this series of Insights on Financial Regulation, we will look at how the Financial Services Bill will impact your firm.