Financial Services and Markets Bill sets future for UK regulation

HM Treasury has laid the Financial Services and Markets Bill 2022-23 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.