Written by Zhuan Faraj
On 9 November 2021, HM Treasury published its second consultation (“Second Consultation”) paper relating to the Phase II of the Future Regulatory Framework (“FRF”) Review. Its first consultation (“First Consultation”) took place between 19 October 2020 and 19 February 2021 and can be accessed here.
The FRF Review was established to consider how the financial services regulatory framework should adapt to be fit for the future, and in particular to reflect the UK’s new position outside of the EU.
This Second Consultation sets out the government’s response to the feedback received on the First Consultation. It makes a series of proposals to deliver the intended outcomes of the FRF Review, covering the following issues:
- Relationship with HM Treasury
- Accountability to Parliament
- Stakeholder engagement and the policymaking process
- A comprehensive FSMA model
The consultation will remain open until 9 February 2022 and can be read in full here.