The Financial Services and Markets Act 2023 (Consequential Amendments) Regulations 2024
On November 7, 2024, the UK government published the Financial Services and Markets Act 2023 (Consequential Amendments) Regulations 2024. These regulations make a number of consequential amendments to various pieces of legislation in order to implement the Financial Services and Markets Act 2023 (FSMA 2023).
FSMA 2023
FSMA 2023 is a major piece of legislation that reforms the UK financial services regulatory framework. It introduces a number of new requirements for financial services firms, including:
- A new senior managers regime
- A new prudential regime for insurers
- A new consumer protection framework
- A new framework for regulating financial markets
Consequential Amendments
The Consequential Amendments Regulations make a number of changes to other legislation in order to implement FSMA 2023. These changes include:
- Amending the Financial Services and Markets Act 2000 to reflect the new senior managers regime
- Amending the Insurance Act 2015 to reflect the new prudential regime for insurers
- Amending the Consumer Credit Act 1974 to reflect the new consumer protection framework
- Amending the Financial Markets and Insolvency Regulations 2023 to reflect the new framework for regulating financial markets
Impact of the Regulations
The Consequential Amendments Regulations will have a significant impact on the UK financial services industry. They will impose new requirements on financial services firms and will change the way that the industry is regulated.
Next Steps
The Consequential Amendments Regulations will come into force on April 1, 2024. Financial services firms should begin to prepare for the changes that the regulations will introduce.
Additional Information
For more information on the Consequential Amendments Regulations, please see the following links:
- The Financial Services and Markets Act 2023 (Consequential Amendments) Regulations 2024
- The Financial Services and Markets Act 2023
- The Financial Conduct Authority’s website
- The Prudential Regulation Authority’s website
The Financial Services and Markets Act 2023 (Consequential Amendments) Regulations 2024
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