The Financial Services and Markets Bill is a government bill that would make wide-ranging changes to the regulation of financial services in the UK. It would implement the outcomes of the Future Regulatory Framework review by repealing retained EU law relating to financial services. It would transfer responsibility for these areas of regulation to the financial services regulators. Among other things, the bill contains provisions to enable the establishment of a regime to regulate stablecoins, a type of cryptoasset, and to protect access to cash.
Financial Services and Markets Bill (466KB PDF)
On 10 January 2023, the second reading of the Financial Services and Markets Bill is scheduled to take place in the House of Lords.
The Financial Services and Markets Bill seeks to make wide-ranging changes to the regulation of financial services in the UK. It would implement the outcomes of the Future Regulatory Framework review, a several-stage process conducted between 2019 and 2022 that sought views on the regulation of financial services after the UK’s exit from the EU.
The bill would make provision for the revocation of retained EU law relating to financial services. It would transfer responsibility for these areas of regulation to the financial services regulators.
The bill also provides for establishment of a regime to regulate stablecoins, a type of cryptoasset. These and other provisions could be used to regulate cryptoassets more generally in the future.
The bill would, among other things, bring in measures to allow regulators to:
The bill also contains measures to:
The Labour Party has stated that it “broadly supports” the measures in the bill.
Financial Services and Markets Bill (466KB PDF)
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The Financial Services and Markets Bill [HL] is a wide-ranging bill that aims to reform the way the UK financial services sector is regulated. This briefing provides a summary of the bill’s second reading and committee stage in the House of Lords ahead of its further consideration at report.
![Financial Services and Markets Bill [HL]: Progress in the Lords](https://lordslibrary-parliament.studio24.dev/content/uploads/sites/2/2020/09/Economy-568x426.png)
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