HM Treasury Published Response to Phase I of UK's Financial Services Future Regulation Framework Review
03/11/2021HM Treasury has published its response to the call for evidence on Phase I of the U.K. Financial Services Future Regulatory Framework Review. The FRF Review was announced in March 2019 and will assess whether the U.K. financial services regulatory framework is fit for purpose, taking into account the U.K.'s exit from the EU, climate change and other global and technological challenges. The call for evidence on Phase I of the Review focussed on how the Government and regulators work together to ensure the best outcome for the financial services sector.
HM Treasury's response contains a summary of the responses it received, together with its proposed actions, which include establishing:
- a new Regulatory Initiatives Grid, to be launched in summer 2020 and published twice a year, which will include an indicative look forward over the major financial services initiatives coming up over the next two years; and
- a Financial Services Regulatory Initiatives Forum, comprised of the Bank of England the U.K. Financial Conduct Authority, the U.K.
Prudential Regulation Authority, the U.K. Payment Systems Regulator, the U.K. Competition and Markets Authority and HM Treasury, which will be responsible for managing the Regulatory Initiatives Grid.
View the Government's response to the Phase I consultation.
View details of HM Treasury's Phase I consultation.
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