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.
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.