Ahead of the Curve—Enhancing Financial Services: How far does the new 2026 UK Financial Services and Markets Bill go?

The new Financial Services and Markets Bill, referred to as the Enhancing Financial Services Bill in the recent King’s Speech, was introduced in the House of Lords on May 19. In this session we unpacked its contents, considered how much is new, and what it means for firms and the UK financial services market.

In particular, we discussed the proposals to:

• modernize the Consumer Credit Act 1974 and reform the Financial Ombudsman Service
• consolidate the regulatory framework with the abolition of the Payment Systems Regulator
• improve the operational effectiveness of the FCA and PRA
• create a new ‘provisional licences’ authorization regime
• improve confidence in the appointed representatives regime
• create a framework for HMT to establish overseas recognition regimes for any financial services activity
• reduce the overall burden of the senior managers and certification regime
• update the statutory framework underpinning the ring-fencing regime
• reform the supervision of anti-money laundering/counter-terrorism financing.

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