HMT Issues Response to Proposals on Future Regulatory Framework
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
- Notification on Future Regulatory Framework Review
- Response to Consultation on Future Regulatory Framework Review
- Financial Services and Markets Bill
- Notification on Consultation on Payments Regulation
- Consultation on Payments Regulation
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

María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer

Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.

Patrycja Oleksza
Applies proficiency and knowledge to regulatory capital and reporting analysis and coordinates business and product strategies in the banking technology area
Previous Article
NBB Publishes Regulatory Updates in July 2022Related Articles
EBA Proposes Standards for IRRBB Reporting Under Basel Framework
The European Banking Authority (EBA) proposed implementing technical standards on the interest rate risk in the banking book (IRRBB) reporting requirements, with the comment period ending on May 02, 2023.
FED Issues Further Details on Pilot Climate Scenario Analysis Exercise
The U.S. Federal Reserve Board (FED) set out details of the pilot climate scenario analysis exercise to be conducted among the six largest U.S. bank holding companies.
US Agencies Issue Several Regulatory and Reporting Updates
The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.
ECB Issues Multiple Reports and Regulatory Updates for Banks
The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.
HKMA Keeps List of D-SIBs Unchanged, Makes Other Announcements
The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.
EU Issues FAQs on Taxonomy Regulation, Rules Under CRD, FICOD and SFDR
The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.
CBIRC Revises Measures on Corporate Governance Supervision
The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.
HKMA Publications Address Sustainability Issues in Financial Sector
The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.
EBA Updates Address Basel and NPL Requirements for Banks
The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.
ESMA Publishes 2022 ESEF XBRL Taxonomy and Conformance Suite
The General Board of the European Systemic Risk Board (ESRB), at its December meeting, issued an updated risk assessment via the quarterly risk dashboard and held discussions on key policy priorities to address the systemic risks in the European Union.