Featured Product

    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.


    Related Links


    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

    Featured Experts
    Related Articles

    BOE Sets Out Its Thinking on Regulatory Capital and Climate Risks

    The Bank of England (BOE) published a working paper that aims to understand the climate-related disclosures of UK financial institutions.

    March 13, 2023 WebPage Regulatory News

    OSFI Finalizes on Climate Risk Guideline, Issues Other Updates

    The Office of the Superintendent of Financial Institutions (OSFI) is seeking comments, until May 31, 2023, on the draft guideline on culture and behavior risk, with final guideline expected by the end of 2023.

    March 12, 2023 WebPage Regulatory News

    BIS Paper Examines Impact of Greenhouse Gas Emissions on Lending

    BIS issued a paper that investigates the effect of the greenhouse gas, or GHG, emissions of firms on bank loans using bank–firm matched data of Japanese listed firms from 2006 to 2018.

    March 03, 2023 WebPage Regulatory News

    HMT Mulls Alignment of Ring-Fencing and Resolution Regimes for Banks

    The HM Treasury (HMT) is seeking evidence, until May 07, 2023, on practicalities of aligning the ring-fencing and the banking resolution regimes for banks.

    March 02, 2023 WebPage Regulatory News

    BCBS Report Examines Impact of Basel III Framework for Banks

    The Basel Committee on Banking Supervision (BCBS) published results of the Basel III monitoring exercise based on the June 30, 2022 data.

    February 28, 2023 WebPage Regulatory News

    PRA Consults on Prudential Rules for "Simpler-Regime" Firms

    Among the recent regulatory updates from UK authorities, a key development is the first-phase consultation, from the Prudential Regulation Authority (PRA), on simplifications to the prudential framework that would apply to the simpler-regime firms.

    February 28, 2023 WebPage Regulatory News

    DNB Publishes Multiple Reporting Updates for Banks

    DNB, the central bank of Netherlands, updated the list of additional reporting requests and published additional data quality checks and XBRL-Formula linkbase documents for the first quarter of 2023.

    February 28, 2023 WebPage Regulatory News

    NBB Sets Out Climate Risk Expectations, Issues Reporting Updates

    The National Bank of Belgium (NBB) published a communication on climate-related and environmental risks, issued an update on XBRL reporting

    February 24, 2023 WebPage Regulatory News

    EBA Updates Address Securitization Standards and DGS Guidelines

    The European Banking Authority (EBA) published the final draft of the regulatory technical standards that set out conditions for assessment of homogeneity of the underlying exposures in simple, transparent, and standardized (STS) securitizations.

    February 21, 2023 WebPage Regulatory News

    FSB Publishes Letter to G20, Sets Out Work Priorities for 2023

    The Financial Stability Board (FSB) published a letter intended for the G20 Finance Ministers and Central Bank Governors, highlighting the work that FSB will take forward under the Indian G20 Presidency in 2023

    February 20, 2023 WebPage Regulatory News
    RESULTS 1 - 10 OF 8793