On 23 September 2022, the Chancellor, Kwasi Kwarteng, delivered the 2022 Autumn Statement (Growth Plan).

Key regulatory headlines for the financial services sector are that:

  • The sector will be at the heart of the government’s programme for driving growth across the whole economy. Later this autumn the government will bring forward "an ambitious deregulatory package to unleash the potential of the UK financial services sector". This will include:
    • repealing EU law for financial services and replacing it with rules tailor made for the UK; and 
    • scrapping EU rules from Solvency II. 
  • The Growth Plan announces that the Prudential Regulation Authority will remove the current cap to bankers’ bonuses. This cap limits remuneration of certain bank staff to 100% of their fixed pay (or 200% with shareholder approval).