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.