The Financial Services and Markets Act 2023 is part of the UK government’s plan to grow the economy and create an open, sustainable, and technologically advanced financial services sector.

It is designed to help tailor financial services regulation to fit UK markets. The Act aims to improve competitiveness of the UK as a global financial centre and deliver better outcomes for consumers and businesses. It contains new powers that will set the path for reforms to the European Union rules on financial services the UK has followed since 2016.

The Act also introduces new secondary objectives for the Financial Conduct Authority and the Prudential Regulation Authority – to facilitate the growth and international competitiveness of the UK economy. This will be backed up by changes to enhance the scrutiny and accountability of the regulators, including ensuring regular reporting and a greater focus on cost-benefit analyses.

See: Rocket boost for UK economy as Financial Services and Markets Bill receives Royal Assent – GOV.UK (www.gov.uk)