The FSMB sets out the financial regulatory framework to help build a more competitive financial services sector post-Brexit. It also draws on delivering better outcomes for consumers and businesses in the UK by addressing issues such as fraud and access to cash. FSMB, Expected for some time, FSMB is designed to enact the findings from HM Treasury’s Future Regulatory Framework (FRF) Review which launched in response to Brexit.
The UK’s regulatory framework is key to the competitiveness and global attraction of the financial services sector, and crucially investment in the wider UK economy. Securing the UK’s position as a global centre of financial services therefore heavily relies on the FSMB's ability to deliver world-leading, high-quality regulation.
More details on the timing of specific regulatory initiatives will follow in the autumn, as the Bill starts its legislative passage through Parliament, providing the opportunity for businesses to influence the process. Second Reading of the Bill (where MPs debate its main principles) is due to commence on Wednesday 7th September, and if the bill follows conventional parliamentary procedure, we can expect the bill to receive Royal Assent by Q2 2023. The Government have committed to expanding on measures such as cryptoassets in consultations that are expected later this year.
This year’s Party Conference Season too will provide a platform for which organisations will build relations with key stakeholders involved in the passage of the Bill – taking a hand in shaping the UK’s financial services regulatory framework.
James Dowling Partner and Director