21 Jul 2022
The government has introduced legislation to Parliament, which it says will enhance the competitiveness of the UK financial services sector and unlock tens of billions of pounds of investment.
The Financial Services and Markets Bill repeals hundreds of pieces of EU retained law to deliver a comprehensive model of regulation for the UK.
The government says this will establish a 'coherent, agile and internationally respected approach to financial services regulation that works in the interests of British people and businesses'.
The Bill will implement the government's vision for the sector that is 'open, green, technologically advanced and globally competitive – while maintaining high levels of consumer protection'.
Commenting on the legislation, David Postings, Chief Executive of banking industry group UK Finance, said: 'A successful financial services sector is critical for achieving economic growth and benefits the whole country – it is one of our most important industries, delivering jobs, investment and growth across every region.
'To ensure the sector continues to be successful, alongside maintaining the pace of reform, there needs to be a keen focus on international competitiveness from the next government.'