On 10 May 2022, her Majesty the Queen set out the UK Government’s legislative priorities for the upcoming parliamentary session in the Queen’s Speech. Following the Queen’s Speech, the Government published background briefing notes unveiling details of the key reforms it plans to make over the course of the next parliamentary session. Among the 38 bills presented which all aim to drive economic growth, improve living standards and fund sustainable investment in public services the Financial Services and the Markets Bill, and Economic Crime and Corporate Transparency Bill focus on strengthening the financial services industry, are enormously important for financial practitioners who will be obliged to apply the relevant regulation. The proposed reform has received wide support, with David Postings, Chief Executive of UK Finance, strongly welcoming the announcements, commenting in particular that the two aforementioned bills are seen ‘as two key pieces of legislation for financial services’ going forwards…

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The reforms on the financial services sector by the Government after Brexit are necessary to power growth across the UK, to attract business, investment, and encourage innovation by making the UK the best regulated economy. Accordingly, the FS Bill and EC Bill formally address a number of concerns and aim to strengthen the financial services industry across the board. It is important that financial practitioners understand and consider the updated objectives of the financial services regulators to ensure a greater focus on growth and international competitiveness.

To review the background briefing notes please click here.

For more information, and any guidance or advice on the implications on financial services arising from the Financial Services and Markets Bill and Economic Crime and Corporate Transparency Bill Cleveland & Co External in-house counsel™, your specialist outsourced legal team, are here to help.

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