Financial Services Bill Review

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  • Marie Crossan
  • Published: 06 January 2021
On 21 October 2020, the Financial Services Bill was introduced to the House of Commons by the UK government. On December 3rd, the Bill passed the Committee stage of the House of Commons and is now due to have its report stage (however a date for this phase is yet to be determined).

The key objective of the Bill is to ensure that the UK financial services sector continues to be a core part of the global financial market post Brexit. The Bill contains a broad range of measures that will affect firms across the financial sector, as well as firms seeking to maintain access to the UK after the end of the Brexit transition period on 31 December 2020.

But as the Bill makes its way through Parliament, the overarching message for financial institutions remains clear – financial institutions should
expect to see changes to prudential standards as well as enhancements to existing regulations alongside new rules in a post Brexit UK.