Read more about our work to deliver regulatory framework reforms.
The Financial Services and Markets Act 2023[1] includes provisions to reform the regulatory framework for financial services.
The reforms:
- add to our objectives and regulatory principles
- build on our existing accountability arrangements, enhance scrutiny of our activities, and strengthen stakeholder engagement
- give powers to the Treasury and the financial services regulators (the FCA, the Prudential Regulation Authority, the Bank of England) to create a framework where the expert and independent regulators have greater responsibility for setting regulatory requirements that apply to firms
Together with the Treasury and the other financial services regulators, we continue to implement and embed these reforms.
Outcomes we want to achieve
We want to make sure the reforms:
- support all the FCA’s top-line outcomes[2]
- create confidence in financial markets
We can achieve this by making sure we replace the repealed assimilated law with requirements in our Handbook in an orderly way, and by tailoring requirements to UK markets as appropriate to ensure our markets function well.
We will continue to work with the Treasury on this, including helping it prepare any legislation needed to deliver the framework reforms.
We have embedded the other changes too. For example, changes to our duties, accountability arrangements and wider responsibilities, which include the secondary international competitiveness and growth objective, and the processes around our rule-making and cost benefit analyses.
You can find out more about the repeal and replacement of assimilated EU law[3] under the Financial Services and Markets Act 2023, including key documents, next steps and our core principles for managing this work.
Feedback
We welcome feedback on how we are implementing the reforms.
Email: [email protected]
Please tell us if your feedback is confidential.
