The latest edition of the Regulatory Initiatives Grid[1], setting out the regulatory pipeline for financial services over the next 2 years, has been published. The grid covers current and planned initiatives for 9 organisations.
By providing a clear view of upcoming changes, the grid enables firms to plan effectively and establish a stable regulatory environment to support growth.
This edition includes 124 live initiatives, representing a 13% reduction from the previous edition. Of these, 45 are joint initiatives, where there is strong collaboration across regulators and government departments.
The grid also highlights work to support the Government’s Financial Services Growth and Competitiveness Strategy. Key initiatives include:
- Financial stability and regulatory efficiency: Implementation of Basel 3.1 standards, the Strong and Simple framework, Prospectus Regime Reform and Wholesale Markets Review.
- Innovation: Supporting the creation of a UK issued stablecoin regime, reforms to the UK captives insurance regime, and the National Payments Vision to deliver world-leading payment solutions.
- Consumer confidence and investment: The Advice Guidance Boundary Review and new regulation of Buy Now Pay Later products.
Nikhil Rathi, chief executive of the FCA said: 'We remain committed to delivering at pace while ensuring agility. By reducing the overall number of initiatives and working together, we aim to advance regulatory objectives, support growth and strengthen the UK’s position as a global financial centre.'
Sam Woods, chief executive of the Prudential Regulation Authority (PRA) said: 'The grid demonstrates our commitment to growth, built on a foundation of financial stability. It sets out measures to streamline regulation and harness innovation.'
The Regulatory Initiatives Grid is produced by the Financial Services Regulatory Initiatives Forum, which brings together key UK regulators and government departments, including the FCA, Bank of England, PRA, Payment Systems Regulator, The Pensions Regulator and HM Treasury.