In response to the publication of the Financial Services and Markets Bill on 20 July 2022, BAB CEO Duncan Edwards said:

“BAB welcomes the publication of the Financial Services and Markets Bill which will receive its second reading in the House of Commons after the summer recess and following the appointment of a new Prime Minister.

“As well as repealing retained EU law relating to financial services and markets, the Bill sets out the Government’s approach to regulating financial services following Brexit.

“The UK is home to a highly respected financial services sector which contributed over £164 billion to the UK economy in 2020, and this timely legislation will help ensure that it remains a global financial centre in the years ahead.

“We are encouraged that the Government remain committed to maintaining the high regulatory standards that have defined the sector, whilst at the same time placing a clear focus on innovation, growth and competitiveness.

“The Bill is a step in the right direction and we will monitor it as it makes it way through the legislative process”.