On 5 March 2025, the Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2025 (the Order) was laid before Parliament and published on legislation.gov.uk, along with an explanatory memorandum.

The Order amends the Financial Services and Markets Act 2000 (Exemption) Order 2001 to broaden the scope of the exemption granted to National Wealth Fund Limited (the Company), exempting it from the general prohibition (under section 19 of the Financial Services and Markets Act 2000) in respect of all regulated activities.

The Company (which previously operated as UK Infrastructure Bank Limited) is wholly owned by HM Treasury and operates with the aim of helping tackle climate change and supporting regional and local economic growth. The Government announced in October 2024 that the Company would operate with a broader mandate, more capital and the ability to offer an expanded suite of financial products, including performance guarantees. The changes made by the Order are intended to enable the Company to carry out those broader activities.