Last amended by Financial Services and Markets Act 2023 in 2023. 68 recorded amendment effects (legislation.gov.uk changes data).
Independent editorial summary — not the official statute text. Read the official version on legislation.gov.uk.
Summary
The Financial Services and Markets Act 2023 is the principal post-Brexit reform of UK financial services regulation. It revokes the body of retained EU law governing financial services (Part 1 and Schedule 1) so that the rules can be replaced by a domestic framework set largely by the regulators (the FCA and PRA) under the model of the Financial Services and Markets Act 2000. It gives the regulators a new secondary objective to facilitate the international competitiveness and growth of the UK economy, strengthens their accountability to Parliament and the Treasury, and creates frameworks for regulating crypto-assets and stablecoins and for overseeing 'critical third parties' to the financial sector. It also legislates to protect access to cash by placing duties on banks and the FCA.
Key Points
- Revokes retained EU financial services law
- New secondary international competitiveness objective for regulators
- Crypto-asset regulation framework
- Access to cash requirements
Parts & Sections
Amendments History
2023 — Financial Services and Markets Act 2023
68 recorded amendment effects (legislation.gov.uk changes data).
2023 — The Financial Services and Markets Act 2023 (Commencement No. 11 and Saving Provisions) Regulations 2025
32 commencement (coming-into-force) effects (legislation.gov.uk changes data).
Frequently asked questions
- What is the main purpose of the Financial Services and Markets Act 2023?
- The Act is the principal post-Brexit reform of UK financial services regulation. It revokes retained EU law governing financial services, allowing rules to be replaced by a domestic framework set largely by the FCA and PRA. It also creates frameworks for regulating crypto-assets and stablecoins, oversees critical third parties, and protects access to cash.
- How does the Act change the relationship with EU law?
- The Act revokes the body of retained EU law governing financial services. This allows the existing rules to be replaced by a new domestic framework. This framework is set largely by the regulators, specifically the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), under the model of the Financial Services and Markets Act 2000.
- What new powers or objectives does the Act give to regulators?
- The Act gives the regulators a new secondary objective to facilitate the international competitiveness and growth of the UK economy. It also strengthens their accountability to Parliament and the Treasury. Additionally, it creates specific frameworks for regulating crypto-assets and stablecoins, as well as for overseeing critical third parties to the financial sector.
- Does the Act include provisions for accessing cash?
- Yes, the Act legislates to protect access to cash. It places specific duties on banks and the Financial Conduct Authority (FCA) to ensure this protection. This is part of the broader regulatory changes introduced to manage the financial services sector post-Brexit.
- How does the Act handle crypto-assets and stablecoins?
- The Act establishes a regulatory framework for crypto-assets and stablecoins. It also creates a framework for overseeing 'critical third parties' to the financial sector. These measures are part of the domestic framework designed to replace the previous retained EU law in financial services.