Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps his Department is taking to improve the UK’s financial services sector regulatory framework.

The Chancellor provided a detailed written statement to the House in December 2022 on the government’s Edinburgh Reforms to improve the regulatory framework for financial services (HCWS425).

This builds on the Future Regulatory Framework (FRF) Review, which was established by the government to determine how the financial services regulatory framework should adapt to the UK’s new position outside of the European Union (EU), and to ensure the framework is fit for the future.

The outcomes of the FRF Review are now being delivered through the Financial Services and Markets Bill, a key piece of legislation that allows us to seize the opportunities of EU Exit and secure the UK’s position as a global financial hub.

The Government has also published an ambitious plan to enact the repeal of retained EU law in financial services and build a smarter financial services regulatory framework as part of the Edinburgh Reforms.

Amongst other areas, the document set out that the Government will split areas of regulation into tranches, prioritising those areas including those with the biggest potential to deliver improvements to UK economic growth. The government aims to make significant progress on tranches one and two of the programme by the end of 2023 and will ensure that there are opportunities for the full range of stakeholders to engage and to feed in views as the programme is delivered. More detail can be found online at:

https://www.gov.uk/government/publications/building-a-smarter-financial-services-framework-for-the-uk