UK New Legislation,The Financial Services and Markets Act 2023 (Commencement No. 8) Regulations 2024

The Financial Services and Markets Act 2023 (Commencement No. 8) Regulations 2024

Introduction

The Financial Services and Markets Act 2023 (Commencement No. 8) Regulations 2024 (“the Regulations”) were made on 28th October 2024 and came into force on the same day. The Regulations bring into force certain provisions of the Financial Services and Markets Act 2023 (“the Act”).

Purpose of the Regulations

The purpose of the Regulations is to bring into force certain provisions of the Act that relate to the following:

  • The regulation of financial services and markets;
  • The Financial Conduct Authority (FCA);
  • The Prudential Regulation Authority (PRA);
  • The Payment Systems Regulator (PSR);
  • The Financial Services Compensation Scheme (FSCS);
  • The Financial Ombudsman Service (FOS).

Key Provisions

The key provisions of the Regulations include:

  • Amendments to the Financial Services and Markets Act 2000 to clarify the FCA’s powers to investigate and enforce against breaches of the Act;
  • Amendments to the PRA Rulebook to give the PRA new powers to impose sanctions on firms that breach the PRA Rulebook;
  • Amendments to the PSR Rulebook to give the PSR new powers to impose sanctions on firms that breach the PSR Rulebook;
  • Amendments to the FSCS Rules to extend the FSCS’s coverage to certain types of financial products;
  • Amendments to the FOS Rules to give the FOS new powers to investigate and resolve complaints about financial services.

Impact of the Regulations

The Regulations will have a significant impact on the regulation of financial services and markets in the UK. The changes to the FCA’s powers will give the FCA greater scope to investigate and enforce against breaches of the Act. The changes to the PRA’s powers will give the PRA greater scope to impose sanctions on firms that breach the PRA Rulebook. The changes to the PSR’s powers will give the PSR greater scope to impose sanctions on firms that breach the PSR Rulebook. The changes to the FSCS’s coverage will extend the FSCS’s protection to a wider range of consumers. The changes to the FOS’s powers will give the FOS greater scope to investigate and resolve complaints about financial services.

Conclusion

The Financial Services and Markets Act 2023 (Commencement No. 8) Regulations 2024 are a significant piece of legislation that will have a major impact on the regulation of financial services and markets in the UK. The Regulations bring into force a number of important changes to the framework for regulating financial services and markets, including changes to the powers of the FCA, PRA, PSR, FSCS, and FOS. These changes will help to ensure that the UK’s financial services sector is safe and sound.


The Financial Services and Markets Act 2023 (Commencement No. 8) Regulations 2024

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