The consultation paper proposes changes to the UK’s financial services regulatory framework under the Financial Services and Markets Act 2000 (FSMA). The Future Regulatory Framework (FRF) Review was first announced in his June 2019 by the then chancellor in his Mansion House speech. The chancellor set out the government’s vision for an open, green and technologically advanced financial services sector and established to determine both how the financial services regulatory framework should adapt to the UK’s new position outside of the EU and how to ensure the framework is fit for the future.
The consultation both provides feedback and builds on HM Treasury’s Phase II consultation on the FRF, published in October 2020. The consultation centres around three themes: regulatory responsibility for rule-making, regulatory accountability, and an update to the regulators objectives and principles.
The consultation closes on 9 February 2022.
Along with the Money Laundering and Terrorist Financing (Amendment) (No. 3) (High-Risk Countries) Regulations 2021 (SI 2021/1218), an explanatory memorandum has also been published.
The Regulations amend the Money Laundering Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (SI 2017/692) (MLRs) by substituting the list of high-risk third countries in Schedule 3ZA for a new list. The new list classifies Jordan, Mali and Turkey as high-risk countries for the purposes of enhanced customer due diligence requirements in regulation 33(3).
The Regulations came into force on 2 November 2021.
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