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ARTICLE · 23 FEBRUARY 2024

UK Financial Regulator Sets Out Framework For Reviewing Its Rules

Osborne Clarke LLP
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The landmark Financial Services and Markets Act 2023 gave the UK Financial Conduct Authority (FCA) new powers. To balance this, the legislation also brought in measures to increase...

United KingdomFinance and Banking
Noline Matemera
Noline Matemera
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The landmark Financial Services and Markets Act 2023 gave the UK Financial Conduct Authority (FCA) new powers. To balance this, the legislation also brought in measures to increase the FCA's accountability, including a requirement on the regulator to keep its rules under review and to explain how such reviews are conducted.

Accordingly, the FCA issued a draft rule-review framework for consultation last year. This January, it published the final version of the rule-review framework, largely reflecting the draft.

How will the FCA review its rules?

As the framework explains, the FCA is unlikely to review individual rules. Instead, it will usually review packages of rules; for example, rules made under the same policy statement.

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