Financial Services and Markets Bill sets future for UK regulation
HM Treasury has laid the Financial Services and Markets Bill 2023 before Parliament. The Bill is a keystone for delivering the Government’s plans for the UK’s future regulatory framework.
The Bill includes provisions which:
- implement proposals from the future regulatory framework review, including delegating more rule-making powers to the UK regulators and giving them a secondary objective for growth and international competitiveness
- set the process for revoking onshored EU financial services regulation
- take forward proposals from the Wholesale Markets Review
- allow for stablecoins used as a means of payment to be brought into the scope of regulation
- empower the regulators to oversee the resilience of third parties providing critical services to the financial sector
- aim to protect access to cash by providing HM Treasury with the power to designate firms on whom cash access requirements can be imposed
- allow the Payment Systems Regulator to require firms to reimburse victims of authorised push payment fraud.
Our summary was updated in January 2023 to reflect changes made to the Bill by the House of Commons.
