{"id":139313,"date":"2022-05-06T12:56:53","date_gmt":"2022-05-06T11:56:53","guid":{"rendered":"https:\/\/www.vuelio.com\/uk\/?p=139313"},"modified":"2022-05-06T12:56:53","modified_gmt":"2022-05-06T11:56:53","slug":"ahead-of-the-queens-speech-financial-services-and-possible-legislation","status":"publish","type":"post","link":"https:\/\/www.vuelio.com\/uk\/blog\/ahead-of-the-queens-speech-financial-services-and-possible-legislation\/","title":{"rendered":"Ahead of the Queen\u2019s Speech: Financial services and possible legislation"},"content":{"rendered":"

A Financial Services Bill \u2013 now the Financial Services Act 2021 \u2013 was introduced in the 2019\u201321 session and received Royal Assent on 29 April 2021. It contained<\/a> a range of measures, including some related to Brexit following the end of the transition period and some aimed at making other improvements to the regulatory framework. At the time, Economic Secretary to the Treasury, John Glen mentioned<\/a> the Bill was \u2018an important first step in taking control of our financial services legislation\u2019 but that a more \u2018fundamental review\u2019 of our financial services regulatory framework is needed.<\/p>\n

Back in February 2022, the Financial Times<\/em> reported<\/a> that a Financial Services Bill is expected in the upcoming Queen\u2019s Speech, which would \u2018set out a regulatory framework for the City\u2019. During an European Scrutiny Committee oral evidence session, Minister for Brexit Opportunities and Government Efficiency, Jacob Rees-Mogg also confirmed<\/a> there would be a Financial Services Bill, to replace some retained EU law provisions.<\/p>\n

The Government\u2019s Financial Services Bill is likely to include a new Future Regulatory Framework. The Treasury launched in October 2020 a consultation<\/a> on the Future Regulatory Framework, to determine how financial services regulation needs to adapt to be \u2018fit for the future\u2019. This was followed by a further consultation (which closed in February 2022) on its proposals<\/a>, including giving regulators a greater focus on growth and competitiveness by introducing them as new secondary objectives for the regulators. In an article<\/a> in The Times, <\/em>member of the Treasury Committee and chair of the Fair Business Banking APPG Kevin Hollinrake, noted that \u2018asking regulators to focus on industry competitiveness risks sowing the seeds of another financial crisis.\u2019<\/p>\n

There are a number of financial services regulatory reforms that have been highlighted<\/a> as areas for possible legislation either individually, or within a wider Financial Services Bill:<\/p>\n