The Regulatory update within the 2020 Budget included the following key notes:
Financial Services Bill – this will provide long-term market access between the UK and Gibraltar for financial services firms following EU exit, will simplify the process for overseas investment funds seeking to market into the UK and will allow the remaining Basel banking standards to be implemented.
Regulatory Coordination – a new forum will be created to pull together Regulators of financial institutions and government.
Access to Cash – legislation to ensure access to cash is maintained will be brought forward by the government.
Credit Unions Act – this will be changed to support financial inclusion in the UK. The new legislation will allow credit unions to offer a wider range of products and services.
Fintech – a review of the fintech sector will be kick started by Ron Kalifa OBE to identify areas of growth and where more support could be provided.
Digital Currencies – the UK intends to continue to explore digital currencies in more detail.
Cryptoassets – a consultation is due to be launched which would suggest bringing cryptoasset adverts into the financial promotions regime.
Payments – a call for evidence will shortly be published to help HM Treasury understand if it is keeping pace with developments in this area.
Open Finance – a summit will be convened to explore whether more data sets can be opened up to allow SMEs to take advantage of this.
Affordable Credit Challenge Fund – the winners of the £2 million challenge fund which was established to promote development of innovative technology solutions to improve access to, and awareness of, affordable lenders (in place of high cost credit) was announced.