The Financial Services and Markets Act 2023 (FSMA 2023) added new requirements to the Financial Services (Banking Reform) Act 2013 (FSBRA), including:
- Section 104B to ‘keep under review generally any generally applicable requirements’.
- Section 104C to ‘publish a statement of [our] policy with respect to [our] review of requirements under section 104B’.
What this document contains
We developed a review framework on how we keep under review generally any generally applicable requirements to meet our FSMA23 obligation to publish a Statement of Policy. We consulted on this (CP23/11) and published our response.
In reaching our final decision on the review framework, we have considered all the responses provided to us by stakeholders in the consultation process.
Who should read this document
This document is relevant to the payments industry, particularly those firms subject to the regulations and obligations we enforce.
