On 25 May 2022, the Financial Services Regulatory Initiatives Forum (Forum) published an updated version of the Regulatory Initiative Grid which sets out the regulatory pipeline so that financial services firms and other stakeholders can understand, and plan, for the timing of the initiatives that may have a significant operational impact on them. The Forum comprises of the Bank of England, FCA, PRA, Payment Systems Regulator, the Competition and Markets Authority, the Information Commissioner’s Office, the Pensions Regulator and the Financial Reporting Council. HM Treasury is an observer member.

In the foreword to the updated Grid it is noted that under the surface of the initiatives mentioned there are significant developments that will shape the UK’s regulatory model going forward. The Financial Services and Markets Bill was announced earlier this month in the Queen’s Speech. This Bill aims to implement the outcomes of the Future Regulatory Framework (FRF) Review, including adding new secondary objectives for the PRA and the FCA on growth and international competitiveness. The Bill also aims to reform the rules that regulate the UK’s capital markets, protect access to cash, introduce new consumer protections and harness innovation.