Building a Smarter Financial Services Regulatory Framework: Delivery Plan
This plan sets out how the government is delivering a Smarter Regulatory Framework for the UK by replacing retained EU law on financial services.
The Financial Services and Markets Act 2023 (FSMA 23) repeals retained EU law for financial services in order to deliver a Smarter Regulatory Framework (SRF) which is tailored to the UK. Retained EU law will be replaced with rules set by our independent and expert regulators, operating within a framework set by government and Parliament.
As part of the Edinburgh Reforms, HM Treasury published the policy statement Building a Smarter Financial Services Framework for the UK. That document set out the government’s policy approach. This follow-up paper describes how HM Treasury will deliver this approach in practice.