Chancellor launches financial sector reforms

January 9, 2023

On 9 December, the Chancellor of the Exchequer announced a set of reforms to drive growth and competitiveness in the financial services sector.

At the Autumn Statement, the Chancellor highlighted financial services as one the UK’s five key growth sectors. In a written statement to Parliament on 9 December 2022, the Chancellor set out a collection of announcements taking forward the government’s ambition for the UK to be the world’s most innovative and competitive global financial centre.

This builds on the government’s vision for financial services, as set out in the Chancellor’s speech at Mansion House in 2021, for an open, sustainable, and technologically advanced financial services sector that is globally competitive and acts in the interests of communities and citizens, creating jobs, supporting businesses, and powering growth across all four nations of the UK.

The government is already taking forward work to deliver its vision through the Financial Services and Markets (FSM) Bill and, along with the announcement of the final policy statement on reforming Solvency II at Autumn Statement, this set of announcements is the next step in that work.

The government’s approach to reforming the financial services regulatory landscape recognises and protects the foundations on which the UK’s success as a financial services hub is built: agility, consistently high regulatory standards, and openness. This will ensure the sector benefits from dynamic, proportionate regulation and that consumers and citizens benefit from high quality services, appropriate consumer protection and from a sector that embraces the latest technology.

The full text of the Chancellor’s statement can be found here.

The full list of measures can be found here.



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