On 13 May 2026, the King’s Speech 2026 was published together with briefing notes.

Page 34 of the briefing notes refers to The Enhancing Financial Services Bill which will deliver key parts of the Leeds Reforms set out by the Chancellor in 2025.

The briefing notes report that the Bill will:

  • Modernise consumer protections and redress arrangements to reflect today’s markets and maintain confidence. Reforms to the Financial Ombudsman Service (FOS) will increase consistency and clarity of decision-making, helping people resolve disputes more quickly and with greater certainty. On 16 March 2026, HM Treasury (HMT) published its consultation response in relation to its review of the FOS.
  • Consolidate the regulatory framework to enable stronger coordination and clearer responsibilities, reduce fragmentation of the regulators and support innovation. By streamlining the regulatory architecture and consolidating the Payment Systems Regulator within the Financial Conduct Authority (FCA), firms will deal with fewer overlapping regulators, providing clearer accountability and faster decision making. On 21 April 2026, HMT published its consultation response in relation to proposals to take a streamlined approach to payment systems regulation.
  • Ensure that the administrative burden on firms is proportionate without compromising on core consumer, prudential and market protections. This includes reducing the overall burden of the Senior Managers and Certification Regime (SMCR). On 22 April 2026, the FCA and Prudential Regulation Authority issued policy statements setting out changes for the SMCR as part of Phase 1 of the reforms. HMT also published its consultation response to support Phase 2 in which the regulators would be able to make additional changes if legislation is made.
  • Enable credit unions to expand by improving the rules on who can become a member. This will allow credit unions to serve more people and communities, widening access to affordable finance and supporting the Government’s aim to double the size of the mutual and co-operative sector. On 18 March 2026, HMT issued its response to its earlier Call for Evidence on the merits of and considerations for changing the credit union common bond requirement for membership in Great Britain, under the Credit Unions Act 1979.
  • Support lending and investment including by updating the statutory framework underpinning the ring-fencing regime, which requires major banks to separate their UK retail banking services from investment banking activities. The reforms will unlock more finance for UK businesses. Improved competition in Small and Medium-Sized enterprises’ lending will help small businesses access finance. In its financial services growth and competitiveness strategy the Government stated that HMT would undertake a short review of the ring-fencing regime and issue a report in early 2026.