FSM Bill gets Royal Assent

As expected, the Financial Services and Markets Act 2023 got Royal Assent on 29 June.  Heralding it, Treasury described its key features as:

  • bringing the ability to tailor financial services regulation to fit UK markets – is specifically highlighted setting the path for reforms to Solvency II;
  • bolstering the competitiveness of the UK as a global financial centre and delivering better outcomes for consumers and businesses;
  • enabling delivery of key Edinburgh Reforms;
  • enhancing scrutiny over regulators;
  • protecting free access to cash;
  • introducing crucial protections for APP scam victims;
  • enabling regulation of crypto-assets; and
  • establishing new sandboxes to facilitate use of new technologies.

Emma Radmore