As a reminder, the UK Treasury (HMT) published its Consultation on the Second Phase of the Future Regulatory Framework Review (FRFR) in October 2020. The Consultation is open for input until 19 February 2021.
The FRFR aims to set out how the UK’s financial services regulatory framework should change in light of the UK’s exit from the EU. The Government seeks to use the UK’s departure from the EU as an impetus to create a more coherent financial services regulation system in the UK.
Content of Review
Phase I of the Review focused on the question of coordination between the regulatory authorities in the UK. The Second Phase tackles the wider regulatory structure in the UK’s financial services – it is on this element that HMT is consulting, with a view to ascertaining the shape of a blueprint which will be the subject of a further consultation exercise later in 2021.