The Regulatory Initiatives Forum Grid (the ‘Grid’) is a biannual publication that sets out the regulatory pipeline. It enables the financial services industry and other stakeholders to understand – and plan for – the timing of the initiatives that may have a significant operational impact on them.
This Grid is published by the Financial Services Regulatory Initiatives Forum (the Forum), launched in 2020 to strengthen coordination between Forum members. The Forum is comprised of the Bank of England (including the Prudential Regulation Authority), Financial Conduct Authority, Payment Systems Regulator, Competition and Markets Authority, Financial Reporting Council, The Pensions Regulator, and Information Commissioner’s Office, with HM Treasury attending as an observer member.
This seventh edition of the Grid follows our short summer update marking the passing of the Financial Services and Markets Act (FSMA) 2023. Following Royal Assent of the Act, regulators have continued working to deliver better outcomes for consumers and industry. For example, the Grid shows how the PRA continues to deliver an ambitious programme of reforms, including the next Strong and Simple consultation, among others.
FSMA 2023 also provides a framework to repeal retained EU law (REUL) relating to financial services, and to replace it with regulators’ rules or new legislation tailored to the UK. This process is referred to as the ‘Smarter Regulatory Framework’, and we have added a section on it to the Grid in response to stakeholder feedback.
The Grid is normally published on a biannual basis where possible.