On 24 November 2022, the House of Commons’ Treasury Committee published correspondence confirming the Government will not proceed with the proposed intervention power in the Financial Services and Markets Bill. The proposed power would have enabled the Government to make, amend or revoke regulators’ rules. The Government adds that it will keep the matter under review and return to the issue in future financial services legislation if it emerges that the regulatory framework is not able to fully support the Government’s vision for the UK’s financial services sector.