On 19 December 2023, the Financial Services and Markets Act 2023 (Consequential Amendments) Regulations 2023 (SI 2023/1410) (the Regulations) were published, along with an explanatory memorandum.

The Regulations make consequential amendments arising out of provisions in, or made under, the Financial Services and Markets Act 2023 (FSMA 2023) as part of HM Treasury’s programme to deliver the Smarter Regulatory Framework for financial services.

FSMA 2023 repeals retained EU law relating to financial services. That retained EU law will be repealed and replaced with rules set by the financial services regulators, operating within a framework set by Government and Parliament. The Regulations make consequential amendments resulting from some of those repeals.

The Regulations come into force on 1 January 2024.