Are we on the cusp of a 'Big Bang 2.0' for financial trading and markets?

A swathe of reforms in the pipeline to enhance the United Kingdom's financial regulatory framework, while boosting competitiveness and growth, are touted as a "once in a generation opportunity" - but are they as radical as Margaret Thatcher's deregulatory programme of 1986? Neil Robson and Nathaniel Lalone examine the Financial Services and Markets Bill along with the Edinburgh Reforms.

By financial services partners Neil Robson (neil.robson@katten.co.uk) and Nathaniel Lalone (nathaniel.lalone@katten.co.uk), tax partner Charlotte Sallabank (charlotte.sallabank@katten.co.uk), and financial services associate Christopher Collins (christopher.collins@katten.co.uk), at Katten's London office.

The Financial Services and Markets Bill was introduced to Parliament in July 2022 and is expected to receive Royal Assent by spring 2023. The Bill was launched with high hopes, being described as a "once in a generation opportunity" to improve the UK's financial regulatory framework, and to make the UK's financial services sector more competitive in a post-Brexit world. The Government sought to ride this wave of momentum in December 2022 with the so-called 'Edinburgh Reforms', a further swell of financial regulatory initiatives and reforms designed to drive growth and competitiveness in the financial services sector.