On 9 December 2022, the Chancellor of the Exchequer announced a package of reforms to the UK financial services sector – the “Edinburgh Reforms”. We posted a summary of the Edinburgh Reforms here. To help you digest the proposals, we have created a series of webcasts which will explain:

  • what the key proposals are
  • who they might impact
  • next steps and timing
  • the potential significance and impact of the proposals

The topics are covered in short segments so you can pick and choose the ones which are of interest to you.

We hope you will find the series useful.  As always, please contact us if you would like to discuss any of the topics further.

Summary

Video

Slides

(1) Introduction to the Edinburgh Reforms: This session provides an overview of what’s in the Edinburgh Reforms package and the topics covered within the webcast series.

 

Speakers: Clive Cunningham, Marina Reason, Kelesi Blundell.

Introduction
(2) Regulatory Landscape: This session considers the government’s approach to repealing and replacing retained EU law in financial services, including phasing and prioritisation.

 

Speakers: Clive Cunningham, Kelesi Blundell.

Regulatory Landscape

(3) Regulator Remit & Accountability:
This session considers proposed changes to the regulators’ powers; and their new secondary ‘have regard’ objectives in relation to economic growth and international competitiveness’. 

Speakers: Clive Cunningham, Marina Reason.

Regulator Remit & Accountability

(4) Ring-fencing:
The government’s proposals to reform the ring-fencing in 2023 is considered in this session.

 

Speaker: Kelesi Blundell.

Ring-fencing

(5) Senior Managers & Certification Regime (SMCR):
This session considers the government’s plan to review the SMCR in 2023. 

Speaker: Clive Cunningham.

Senior Managers & Certification Regime (SMCR)

(6) Sustainable Finance:
This session considers how the government plans to align the financial services sector with Net Zero and support the sector to unlock private financing.

 

Speaker: Marina Reason.

Sustainable Finance 

(7) Short Selling and Wholesale Markets Review:
This session discusses the proposed reforms to the Short Selling Regulation as well as plans to deliver the outcomes of the Wholesale Markets Review.

 

Speaker: Kelesi Blundell.

Short Selling and Wholesale Markets Review 

(8) Prospectus Regime Reform:
This session considers changes to the existing prospectus and public offers regime under the Financial Services and Markets Act 2000. 

Speaker: Sarah Hawes.

Prospectus Regime Reform

(9) Technology and Innovation:
This overview session considers some of the ongoing  and upcoming projects mentioned in the Edinburgh Reforms including the work underway as part of the Financial Services and Markets Bill (including the Financial Market Infrastructure Sandbox and stablecoins/cryptoassets activities), the proposal for a new type of wholesale market venue, the Accelerated Settlement Taskforce and an update on upcoming consultation on a UK Central Bank Digital Currency (CBDC). 

Speakers: Marina Reason, Kelesi Blundell, Clive Cunningham.

Technology and Innovation

(10) Payments:
This session considers proposed changes to the FCA’s rulemaking powers in relation to payments and e-money as well as reform of payment accounts information disclosure requirements. 

Speaker: Clive Cunningham.

Payments

(11) Consumer Credit Act (CCA) Reform:
This session discusses the long-overdue consultation on reform to the complex consumer credit regime under the CCA. 

Speaker: Marina Reason.

Consumer Credit Act (CCA) Reform

(12) Advice and Guidance Boundary:
The Chancellor announced the government’s commitment to working with the FCA to review the advice and guidance boundary. This session considers this and the FCA’s consultation paper (CP22/24) on a new core investment advice regime. 

Speakers: Clive Cunningham; Marina Reason.

Advice and Guidance Boundary

(13) PRIIPs and UK Retail Disclosure:
The government plans to repeal the PRIIPs Regulation. This session considers the plans for a new UK retail disclosure regime generally,  including the FCA discussion paper (DP22/6) on the future disclosure regime published on 13 December 2022. 

Speaker: Clive Cunningham.

PRIIPs and UK Retail Disclosure 

(14) Pensions:
This webcast considers how the measures announced in the Edinburgh Reforms might affect the pension industry. 

Speaker: Samantha Brown.

Pensions 

(15) Securitisation:
This webcast considers potential future reforms to the UK Securitisation Regulation announced as part of the Edinburgh Reforms. 

Speakers: Joy Amis.

Securitisation

 

To watch a webcast, click the play button. To enlarge a webcast, click the ‘enlarge’ button in the webcast toolbar.

 

Clive Cunningham
Clive Cunningham
Partner
+44 20 7466 2278
Marina Reason
Marina Reason
Partner
+44 20 7466 2288
Kelesi Blundell
Kelesi Blundell
Partner
+44 20 7466 7477
Joy Amis
Joy Amis
Partner
+44 20 7466 2789
Samantha Brown
Samantha Brown
Partner
+44 20 7466 2249
Sarah Hawes
Sarah Hawes
Head of Corporate Knowledge, UK
+44 20 7466 2953
Patricia Horton
Patricia Horton
Professional Support Lawyer
+44 20 7466 2789
Trystan Cullinan
Trystan Cullinan
Trainee Solicitor
+44 20 7466 2628