The British government is now moving ahead with its plan to replace European Union financial services law with new UK legislation by way of the Financial Services and Markets Bill.
“On July 19, 2022, the Chancellor set out in a speech at Mansion House how the government is delivering on its vision for the future of financial services in the UK,” said an HM Treasury update. “The Chancellor’s speech noted how government is delivering on its vision for an open, green, and technologically advanced financial services sector that is globally competitive.
“An important part of this agenda is the Financial Services and Markets Bill, introduced on July 20. The Bill seizes the opportunities of Brexit, tailoring financial services regulation to UK markets to bolster the competitiveness of the UK as a global financial centre and deliver better outcomes for consumers and businesses.”
The intention to put forward the new legislation was set out in the Queen’s Speech back in May.
Meanwhile Nadhim Zahawi MP, who was appointed Chancellor of the Exchequer on July 05, also outlined the progress in areas such as Solvency II reforms during the annual dinner on Tuesday.
Commenting on the development, London Market Group chief executive Caroline Wagstaff stated: “The Financial Services and Markets Bill is a once-in-a-generation opportunity to turbocharge one of the UK’s most crucial industries under a new government, but it will only achieve this if the competitiveness and growth objective has real teeth.
“The Bill absolutely must contain sufficient detail on how the regulators will be held to account on the issue of competitiveness or it will not achieve the regulatory culture change we need, and it will just be words on a page.”
