Her Majesty's (HM) Treasury of the UK government launched a consultation on the Future Regulatory Framework Review, the feedback period for which will remain open until February 09, 2022. The consultation sets out proposals for adapting the UK regulatory framework for financial services to ensure that it remains fit for the future and to reflect the new position of UK outside the European Union (EU). The document also sets out the government response to the feedback received on the consultation on Phase II of the Future Regulatory Framework Review.
The consultation presents a series of proposals to deliver intended outcomes of the Future Regulatory Framework Review, building on strengths of the existing framework in UK. It proposes how the government intends to take forward its approach to the Future Regulatory Framework Review, including:
- Changes needed to the regulators’ statutory objectives and regulatory principles to ensure that the government’s priorities for the sector are fully reflected across the breadth of the regulators’ responsibilities
- Proposals to ensure that accountability, scrutiny, and engagement arrangements with HM Treasury, Parliament, and stakeholders are appropriate given the regulators’ responsibilities
- Proposed approach to transferring responsibility for designing and implementing the direct requirements that apply to firms in certain areas of retained EU law to the regulators within a system established by government and Parliament
The Future Regulatory Framework Review was announced June 20, 2019, with the objective of reviewing the financial services regulatory framework in UK to ensure it remains fit for the future. The Review provides an important opportunity to ensure that the UK maintains a coherent, agile, and internationally-respected approach to financial services regulation that delivers appropriate protections and promotes financial stability.
Comment Due Date: February 09, 2022
Keywords: Europe, UK, Banking, Insurance, Securities, Future Regulatory Framework, HM Treasury, BoE, PRA, FCA
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