Financial Services and Markets Bill receives Royal Assent
7 July 2023
The Financial Services and Markets Bill was granted Royal Assent on Thursday, 29th June. The passage of this legislation brings great opportunities for the growth and international competitiveness of the UK economy, and for seizing the benefits of Brexit by tailoring regulation to fit the UK market.
The Act contains several provisions for the insurtech sector, including:
- New powers for Solvency II reforms which will free up around £100bn in extra investment for insurance and insurtech businesses.
- New secondary objectives for the Financial Conduct Authority and the Prudential Regulation Authority to make the UK’s the world’s most innovative and competitive global tech centre, and to deliver better outcomes for consumers and businesses.
- Enhanced regulatory accountability over the FCA and PRA through regular reporting and a greater focus on cost-benefit analyses.