Policy paper

Building a Smarter Financial Services Regulatory Framework: Next Phase

This note sets out the next phase of delivering a Smarter Regulatory Framework for the UK by replacing assimilated law on financial services.

• From: HM Treasury
• Published: 21 March 2024

This was published under the 2022 to 2024 Sunak Conservative government

Documents

Building a Smarter Financial Services Regulatory Framework: Next Phase

PDF, 127 KB, 16 pages

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Details

The Financial Services and Markets Act 2023 (FSMA 23) repeals assimilated law for financial services in order to deliver a Smarter Regulatory Framework (SRF) which is tailored to the UK. Assimilated law will be replaced with rules set by our independent and expert regulators, operating within a framework set by government and Parliament.

At Mansion House 2023, following on from the Edinburgh Reforms, HM Treasury published a paper Building a Smarter Financial Services Framework for the UK: HM Treasury’s Plan for Delivery. That document included a forward look on Tranches 1 and 2 of the programme and how HM Treasury will deliver targeted policy change through the repeal and replacement of assimilated law.  This follow-up paper sets out detail on the next phase of the programme.

Published 21 March 2024