Inside this Topic Guide
The Financial Services and Markets Act 2023 aims to implement the outcomes of the UK Government's future regulatory framework (FRF) review and to make other significant changes to the structure and content of UK financial services regulation.
Key measures cover: the revocation of retained EU law; providing HM Treasury with new regulatory powers; changes to the UK regulators' objectives and accountability mechanisms; the implementation of other reviews, including in relation to wholesale markets, financial market infrastructure, digital settlement assets, critical third-party service providers, financial promotions, cash access and wholesale cash industry, and measures for insurers in financial difficulties; allowing HM Treasury to implement mutual recognition arrangements; requiring firms to have specific permission to approve financial promotions; and, extending powers to impose conditions on changes in control of authorised firms.
Regulators have already begun consultation on some of the reforms that will be made by the Act and the Act will trigger an extensive programme of consultation on proposed changes that will be implemented over a period of months and years.
This Topic Guide brings together official materials and Clifford Chance resources relating to the Act.
Status: The Bill originated in the House of Commons and completed its passage through Parliament on 27 June 2023. It received Royal Assent on 29 June 2023 and the Act was published on 7 July 2023. The Explanatory Notes were published on 30 August 2023.
HM Treasury will be able to bring its provisions into force on days to be appointed (to the extent not specified) and the Government and regulators are in the process of adopting and implementing the regulations and rules contemplated by the new law.
On 9 December 2022, the UK Government announced an extensive package of reforms to the UK's regulatory framework for financial services (the Edinburgh Reforms), which seeks to take forward the implementation of a Financial Services and Markets Act 2000 (FSMA) model of regulation through powers established in the Act. See the Edinburgh Reforms section and the Tracking the implementation of the Future Regulatory Framework section in this Topic Guide for further details.
|Caroline Dawson (London)||Christopher Bates (London )|
|Simon Crown (London)||Diego Ballon Ossio (London)|
|Paul Ellison (London)||Laura Douglas (London)|
|Simon Gleeson (London)||Paul Lenihan (London)|
|Caroline Meinertz (London)||Nancy Li (London)|
|Ashley Prebble (London)||Stephanie Peacock (London)|
|Monica Sah (London)|