Financial Services and Markets Bill “New legislation will strengthen the United Kingdom’s financial services industry, ensuring that it continues to act in the interest of all people and communities”. The purpose of the Bill is to: ● Maintain and enhance the UK’s position as a global leader in financial services, ensuring the sector continues to deliver for individuals and businesses across the country. This will promote a competitive marketplace for the effective use of capital, supporting economic growth. ● Seize the benefits of Brexit, by establishing a coherent, agile and internationallyrespected approach to financial services regulation that best suits the interests of the UK. The main benefits of the Bill would be: ● Cutting red tape in the financial sector to make the UK an even more attractive place to invest and do business, while making sure that high standards are maintained. ● Harnessing the opportunities of innovative technologies in financial services, including supporting the safe adoption of cryptocurrencies and resilient outsourcing to technology providers. ● Supporting individuals’ confidence in financial services by ensuring continued access to cash across the UK and protecting people from scams. The main elements of the Bill are: ● Revoking retained EU law on financial services and replacing it with an approach to regulation that is designed for the UK. ● Updating the objectives of the financial services regulators to ensure a greater focus on growth and international competitiveness. ● Reforming the rules that regulate the UK’s capital markets to promote investment. ● Ensuring that people across the UK continue to be able to access their own cash with ease. ● Introducing additional protections for those investing or using financial products, to make it safer and support the victims of scams.
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