Read more about the Future Regulatory Framework (FRF) Review and our work to deliver the reforms.
On this page
The Treasury has set out the conclusions to its FRF Review and its approach to future delivery in its publications on delivering a Smarter Regulatory Framework. Together with the Government and the other financial services regulators, we continue to implement these reforms. Delivering them is a key part of our public commitments.
About the reforms
Post-Brexit, the FRF Review aimed to ensure the UK’s financial services sector can have tailored rules to best suit UK markets.
- 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 to create a framework where the expert and independent regulators have greater responsibility for setting regulatory requirements that apply to firms
The Financial Services and Markets Act 2023 enables these changes.
Our implementation work and delivering on our commitments
We have set out our approach to implementation and delivering the changes.
Implementing the reforms is a key part of our commitment to ‘Preparing financial services for the future’. It also forms part of our overall commitment to ‘promoting competition and positive change’. It is an important step for much of the policy in our ‘Strengthening the UK’s position in global wholesale markets’ commitment.
Outcomes we want to achieve
We want to ensure our implementation of the reforms support all the FCA’s top-line outcomes and creates confidence in financial markets.
We can achieve this by ensuring the orderly replacement, where appropriate, of repealed retained EU law with requirements in the FCA's Handbook. We will continue to work with the Treasury to repeal and replace the relevant retained EU law, including helping it prepare any legislation needed to deliver the new framework.
We will also continue with our implementation of the other changes. For example, changes to our duties, accountability arrangements and wider responsibilities, which include the secondary international competitiveness and growth objective and the new processes around our rule-making and cost benefit analyses.
You can find out more about the repeal and replacement of retained EU law with our rules under the Financial Services and Markets Act 2023 , including key documents, next steps and our core principles for managing this work.
New secondary objective
The Financial Services and Markets Act 2023 also gives the FCA and the Prudential Regulation Authority a secondary objective to facilitate the international competitiveness and growth, in the medium to long term, of the UK economy.
We have published a statement on the new secondary objective which sets out how our work to support a number of ‘key drivers’ of productivity will help deliver the objective, and explains how we plan to report on our progress.
We welcome feedback on our implementation plans through [email protected]. Please explicitly state whether your feedback is confidential.