The Financial Services and Markets Bill went to Report Stage in the House of Lords on 6 June 2023. The bill will fundamentally recalibrate the UK’s financial services rule-making framework – it is a rare opportunity to rethink how rules that govern the finance sector are written. As currently drafted, the bill will give the financial services industry regulators a new statutory objective to promote the “competitiveness” of the industry they are supposed to police. A diverse range of experts have warned that this is a dangerous path. This briefing explores this issue, and point towards sensible amendments to the bill.
