Contributors
The Financial Services and Markets Bill received Royal Assent on 29 June. To see how it progressed through Parliament, please see our FIN. insights below.
The Bill was introduced into Parliament on 20 July 2022. UK Finance described as a "once in a generation opportunity to improve regulation, enhance consumer protection and create a more competitive financial services sector". It follows on from the Government's 'Future Regulatory Framework' review and itself creates a framework for the Government to take forward several diverse initiatives, not least:
- Enhancing and aligning regulatory objectives and powers
- Allowing the repeal and replacement of all laws and regulatory requirements stemming from EU measures, whether onshored into UK legislation on Brexit or already implemented into the UK regulatory framework
- Creating a new regime under which the largest providers of critical services to regulated firms will themselves be subject to regulatory supervision
- Introducing the ability to regulate crypto-assets and their providers under financial services regulation
- Bringing Buy Now Pay Later products and their providers within the scope of regulation
- Ensuring the maintenance of access to cash
- Paving the way for mandatory reimbursement for victims of APP scams
- Legislating for tighter controls on those who approve financial promotions for others.
Related insights from FIN.
- FSM Bill gets Royal Assent
- FSM Bill completes Parliamentary process
- Commons reconsiders FSM Bill
- FSMB back in Commons on 26 June
- Lords passes FSM Bill
- FSM Bill: Lords Report stage day 3
- FSMB Lords Report stage day 2
- Lords complete first day of FSM Bill Report stage
- FSMB Report stage in Lords to start on 6 June
- FSMB: Lords report stage scheduled for 6 June
- Lords Committee finishes FSM Bill debate
- FSM Bill 9th Grand Committee session
- FSM Bill Committee day 8
- FSM Bill Committee day 7
- House of Lords updates on FSM Bill
- Sixth day of FSMB debate in Lords' Committee
- FSMB Committee debates regulatory accountability
- 5th day of FSM Bill Grand Committee debate to start
- FSMB Committee debates regulatory accountability
- FSMB fourth session in Grand Committee
- Round up of FSMB in Lords' Grand Committee
- Committee stage of FSMB in Lords starts 25 January
- Further FSMB amendments for Lords Grand Committee
- FSMB: Further Lords amends for debate
- Lords publishes FSMB amendments for Committee
- FSMB completes second reading in Lords
- FSM Bill for Lords published
- FSM Bill - Lords dates announced
- FSM Bill report stage
- FSMB amendment paper published
- FSM Bill report stage on 7 December
- FSMB: Government U-turn on intervention power
- New FSMB amendments published
- Final day of FSMB debate published
- FSMB: Economic Secretary writes to Treasury on DAR
- FSM Bill completes Commons committee stage
- FSMB: Committee debates access to cash and more
- Andrew Griffith letters on FSMB
- Public Interest Intervention Power FSMB amendment delayed
- FSMB debate discusses crypto, net zero and regulatory independence
- Highlights of FSMB debates from 25 October
- Further amendments to FSM Bill up for debate
- Minutes of first FSMB Committee sitting
- Government responds on access to cash in Scotland
- First day of FSMB Committee hearing
- New Financial Services and Markets Bill in Parliament
- Need more details on the Financial Services and Markets Bill?
- Treasury Committee publishes BoE views on FSM Bill
- Innovate Finance publishes FSM Bill briefing
- FSM Bill progresses through Parliament
- FSMB Committee stage scheduled for 19 October
- FSMB Committee stage timetable published
- Further FSMB revisions released
This article is for general information only and reflects the position at the date of publication. It does not constitute legal advice.
