Ensuring financial services rules better meet the interests of the UK following Brexit is one of the key aims of the new financial services bill, the government has said.
The government will also tell regulators to prioritise growth and international competitiveness within their remit.
The bill, announced by Prince Charles who delivered the Queen’s Speech to Parliament this morning, commits to new legislation which “will strengthen the United Kingdom’s financial services industry, ensuring that it continues to act in the interest of all people and communities”.
Documents released by government following the Queen’s Speech reveal the Bill has two key aims:
● To maintain and enhance the UK’s position as a global leader in financial services, ensuring the sector continues to deliver for individuals and businesses across the country which will include promoting a competitive marketplace for the effective use of capital, supporting economic growth.
● To seize the benefits of Brexit, by establishing a coherent, agile and internationally respected approach to financial services regulation that best suits the interests of the UK.
Government said the Bill will achieve these aims by:
● Revoking retained EU law on financial services and replacing it with an approach to regulation tailored to the UK.
● Updating objectives of financial services regulators to ensure a greater focus on growth and international competitiveness.
● Reforming rules regulating the UK’s capital markets to promote investment.
● Ensuring people across the UK continue to be able to access their own cash with ease.
● Introducing additional protections for those investing or using financial products, to make it safer and support victims of scams.
