Queen’s Speech 2022 – Financial Services and Markets Bill

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Among the legislative initiatives announced last week Queen’s Speech was the Financial Services and Markets Bill.

The bill is described in the information folder accompanying the speech as one that will “strengthen the UK’s financial services industry, ensuring it continues to act in the interests of all people and communities”.

One of the key benefits of the bill will be to take advantage of FinTech opportunities, including supporting “safe adoption of cryptocurrencies and resilient outsourcing to technology providers.”

What is included in the invoice?

The key elements of the bill are set out below – more details will be available when it is officially introduced in Parliament:

  • Repeal the EU financial services law that was preserved in UK law at the end of the Brexit transition period (known as ‘retained EU law’) and replace it with a UK-specific approach to regulation.
  • Update the objectives of financial services regulators to ensure greater focus on growth and international competitiveness.
  • Reform the rules that govern UK capital markets to promote investment.
  • Ensuring that people across the UK continue to be able to easily access their own money.
  • Introduce additional protections for those who invest or use financial products, to make them safer and to support victims of scams. In a guidance document published the same day as the speech, the government explained that it intended to use the bill to clarify that the payment systems regulator can use its existing regulatory powers to demand reimbursement in the event of scams authorized for push payment in designated payment systems.
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