The U.K. government has announced a raft of legislation that will drastically cut compliance requirements in the financial services sector, as well as aim to bring the United Kingdom more in line with the European Union (EU) to simplify customs regulations and boost trade.
On May 13, as part of the King’s Speech—when the monarch addresses Parliament and sets out the government’s legislative agenda for the coming year—the government confirmed plans for an “Enhancing Financial Services Bill” (since introduced as the Financial Services and Markets Bill on May 19). Once enacted, it will merge the Payment Systems Regulator into the Financial Conduct Authority (FCA), reform the Financial Ombudsman Service, which oversees consumer complaints, and update ring-fencing rules to unlock access to more funding for U.K. businesses (currently, major banks must separate their U.K. retail banking services from investment banking activities).
