Financial Services Future Regulatory Framework review consultation announced
Rishi Sunak announces 'once in a generation opportunity' in approach to financial services regulations in the UK.
Following the UK’s departure from the EU the financial services sector has been waiting for news about future regulation. The Chancellor of the Exchequer, Rishi Sunak announced yesterday details of the proposals for a new financial regulators’ framework in the UK.
The Financial Services Future Regulatory Framework Review (“the Consultation”) has been described by HM Treasury as a once in a generation opportunity to ensure that, having left the EU, the government maintains a coherent, agile and internationally respected approach to financial services regulation that is right for the UK. The Consultation is intended to build on the previous consultation in October 2020 which attracted more than 120 responses.
The Consultation specifically addresses:
- the retention of the Prudential Regulation Authority (“PRA”) and Financial Conduct Authority (“FCA”) model of regulation created by the Financial Services and Markets Act 2000. However, new statutory objectives for the PRA and FCA are being proposed requiring them to consider the implications for growth and competitiveness on an international platform arising from their regulations
- further empowerment of the PRA and FCA to deal with retained EU law and replace EU centric laws where necessary to ensure the rulebook evolves appropriately for the UK post Brexit.
The Consultation will close on 9 February 2022 and we will be watching closely to bring you the latest updates as this issue progresses.
The full details of the Consultation can be found here
For more information contact our Brexit law experts for clear and practical advice.