Autumn Statement: financial regulatory issues

The Government’s Autumn Statement covered several new and ongoing actions relevant to the financial services sector, including:

  • legislation to replace retained EU, mainly in the markets space (securitisations, DRSPs, short-selling and prospectus requirements) but also to replace the PRIIPs regime;
  • an intention to consult on a new framework to encourage captive insurers in the UK;
  • taking forward the recommendations of the Investment Research Review;
  • remit and recommendations for the FPC;
  • Solvency II reforms to drive investment from insurers into infrastructure;
  • a forthcoming FCA consultation on the next steps of a Value for Money framework for DC pension funds;
  • tackling the problem of “small pot” pensions;
  • support for the future of payments review and unlocking the potential of Open Banking; and
  • extending the Mortgage Guarantee Scheme, which was due to close at the end of the year, to June 2025.

Emma Radmore