The Second Reading of the Financial Services and Markets Bill in the House of Commons is taking place on 7 September, the day after Liz Truss took over as UK’s Prime Minister.

The Bill covers the new regulatory framework following the UK’s departure from the European Union and the City of London Corporation said it offers a once-in-a-generation opportunity to ensure the UK stays agile, coherent and competitive.

Today sees the 2nd Reading of the Financial Services & Markets Bill #FSMbill.

Read more about the opportunities this presents to boost UK competitiveness in financial services. https://t.co/94kX9c4wv3 pic.twitter.com/A5XCfRzQCi

— City of London (@cityoflondon) September 7, 2022

The City of London Corporation said in its blog: “The reforms offer a once-in-a-generation opportunity to ensure the regulatory framework in the UK stays agile, coherent and competitive. Seizing this opportunity requires expert and professional regulators with adequate resourcing and efficient supervisory processes.”

Innovate Finance, which represents the UK fintech sector, highlighted six key areas for the new Prime Minister and Government to focus on, including regulation.

We look forward to continuing to work with @trussliz and the Government.
We have outlined 6 key areas for the new PM & Government to focus on ✍️ ?
? https://t.co/nSzETxmT80#InnovateFinance #InnovateFinanceMembers #ConservativeParty #FinTech #FinTechNews #FinTechIndustry

— Innovate Finance (@InnFin) September 7, 2022

The Financial Services and Markets Bill could be bolder to support international competitiveness and to establish the UK as a financial centre for digital assets according to Innovate Finance.

For example, the UK does not yet have any ‘unicorn’ companies in terms of crypto-assets, related exchanges and infrastructure, lagging behind the US, In addition the US and Singapore are on the verge of leapfrogging the UK with regulatory frameworks for the new technology.

“Previous Government plans for making the UK the best place to start and grow a crypto firm need to be expanded to form a more comprehensive and coherent strategy, with an actionable plan and timetable,” added Innovate Finance. “It requires urgent action on the immediate market litmus test of workable financial promotion rules through to a roadmap for digitalisation of capital markets and payments.”

UK SIF, a membership organisation for UK sustainable and responsible finance, said:

We look forward to working with the incoming Prime Minister @trussliz and ministers in the coming years, in particular to ensure that together we can drive forward the UK’s leadership on sustainable finance. https://t.co/XXWqBUsCZ4

— UKSIF (@UKSIF) September 6, 2022

Our congratulations to the new Chancellor of the Exchequer @KwasiKwarteng on his appointment. We look forward to working together to deliver a competitive and world-leading financial sector that can support the UK’s clean energy transition. https://t.co/I4LaaV7TP6

— UKSIF (@UKSIF) September 6, 2022

The previous government had consulted on  the UK’s Green Finance Strategy. 

The Investment Association, the trade body for UK investment managers, said:

We welcome the appointment of the new Chancellor @KwasiKwarteng. Our industry is keen to help deliver on the aims of the Financial Services and Markets Bill and unlock further investment and growth in the UK, for the benefit of savers, businesses, and UK households. pic.twitter.com/UTpkWgSykP

— The Investment Association (@InvAssoc) September 6, 2022