The Financial Services and Markets Bill 2022-23, introduced on 20 July 2022, 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 would be made by the Bill and the enactment of the Bill 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 Bill and tracks forthcoming changes.

Status: The Bill originated in the House of Commons and has passed to the House of Lords. The committee stage in the House of Lords completed on 23 March 2023. The report stage in the House of Lords is due to commence on 6 June 2023.

Absent an intervening general election, the Bill is expected to be passed and become law by the end of the current Parliamentary session in May 2023.

Once enacted, HM Treasury would be able to bring its provisions into force on days to be appointed (to the extent not specified) and the Government and regulators could begin 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 Bill. See the Edinburgh Reforms section and the Tracking the implementation of the Future Regulatory Framework section in this Topic Guide for further details.