Rahman Ravelli
Rahman Ravelli Solicitors Logo
Switchboard: +44 (0)203 947 1539

About Us Expertise PEOPLE International Legal Articles News Events Contact Us toggle button for phone
Switchboard: +44 (0)203 947 1539
Switchboard: +44 (0)203 947 1539

The Financial Services and Markets Bill

Author: Nicola Sharp  28 June 2023

The House of Lords has passed the Bill that will see cryptoassets recognised as regulated activity. Nicola Sharp of Rahman Ravelli considers its main features.

The House of Lords passing the Financial Services and Markets Bill can be viewed as a significant step forward in the UK’s attempt to regulate cryptoassets and related service providers.

Introduced in July last year in an effort to both boost opportunities in the wake of Brexit and empower financial regulators, the Bill originally contained a provision for regulating stablecoins under national payment rules. But as the Bill progressed through Parliament, the adoption of various amendments led to it containing measures to treat all cryptocurrencies as regulated activities, along with provisions for overseeing crypto promotions.

The Bill, which was introduced as a result of the government’s Future Regulatory Framework review, has the potential to create substantial change in the financial services sector. This includes the repealing and replacement of all laws and regulatory requirements stemming from European Union measures, as a result of Brexit.

Arguably, the Bill’s most striking feature is its provision for regulating cryptoassets and their providers. Introducing supervision into a sector that has been largely known for its low-regulation activities may bring a degree of clarity and stability to cryptocurrency markets, which have often been volatile.

The Bill also sets out to regulate ‘Buy Now Pay Later’ products and their providers, in order to provide better consumer protection. It also includes measures to guarantee continued access to cash - which remains important for sections of society – and introduce the possibility of mandatory reimbursement for victims of Authorised Push Payment (APP) scams. With APP scams having been an increasing problem, the Bill proposes tighter controls on those who approve financial promotions for others, in an attempt to ensure greater accountability.

Nicola Sharp C 09983

Nicola Sharp

Partner

nicola.sharp@rahmanravelli.co.uk
+44 (0)203 910 4567 vCard

Download Profile PDF

View Profile

Nicola is known for her fraud, civil recovery, arbitration and business crime expertise, her experience of leading the largest financial disputes and multinational investigations and her skills in devising preventative measures and conducting internal investigations for corporates.

Share this page on