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    HMT Issues Response to Proposals on Future Regulatory Framework

    July 20, 2022

    Her Majesty's Treasury (HMT) published response to consultation on the government’s proposals for adapting the UK regulatory framework for financial services to ensure that it remains fit for the future. Additionally, HMT published consultation and call for evidence on the government’s approach to reforms to the payments regulatory landscape, including the systemic payments perimeter of the Bank of England (BoE).

    Response to consultation on Future Regulatory Framework review. This document provides a summary of the key issues raised by respondents in response to the questions in the consultation and notes the government’s final policy position on the Future Regulatory Framework Review reforms. The government is legislating for these reforms through the Financial Services and Markets (FSM) Bill and the accompanying impact assessments and explanatory notes. The Bill, in light of the exit from the European Union, is intended to tailor financial services regulation to the UK markets to bolster the competitiveness of the country as a global financial center and to deliver better outcomes for consumers and businesses. The Bill will:

    • Implement the outcomes of the Future Regulatory Framework Review
    • Maintain the UK’s position as an open and global financial hub
    • Harness the opportunities of innovative technologies in financial services
    • Bolster the competitiveness of UK markets and promote the effective use of capital
    • Support the leveling up agenda, promote financial inclusion and consumer protection

    Consultation on payments regulation. This consultation sets out why now is the time to review the applicability of the BoE’s existing regulatory perimeter over payment systems, the government’s principles in approaching any reforms, and potential adjustments to the framework of the Banking Act 2009. This consultation outlines the government’s considerations on how the payments regulatory framework fits with the outcomes of the Future Regulatory Framework Review. It also seeks views on exploring the scope of application of a Senior Managers & Certification Regime for the regulation of payments; and changes to the current regulatory framework of the Payment Systems Regulator, as set out in the Financial Services (Banking Reform) Act 2013. The government will formally respond to this consultation in 2023, further to receiving and reflecting on stakeholder feedback. The consultation closes on October 11, 2022.

     

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    Keywords: Europe, UK, Banking, Insurance, Securities, Basel, Regulatory Framework, Future Regulatory Framework, Financial Services And Markets Bill, Regtech, Financial Hub, Payments Regulation, IFPR, BoE, HMT

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