On 11 August 2022, the House of Commons’ Treasury Committee published a letter from the Bank of England (BoE) regarding the Financial Services and Markets Bill.

In the letter the BoE welcomes the Future Regulatory Framework measures contained in the Bill, which are intended to establish a strong, responsive and internationally respected approach to financial services regulation for the UK.

Notably, the letter states that the PRA expects to publish a discussion paper in September, setting out their vision for implementing the framework as it currently stands in terms of strong standards; accountability to Parliament; stakeholders and the public at large; responsiveness; and accessibility.