Beyond Brexit

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FSMA 2023 and the Edinburgh Reforms

The impact of Brexit on financial services regulation has been significant. For more information, see Practice Note: Brexit—impact on financial services.

In the UK, the Financial Services and Markets Act 2023 (FSMA 2023) was introduced to the House of Commons and given its first reading on 20 July 2022 and received royal assent on 29 June 2023. Practice Note: The Financial Services and Markets Act 2023—essentials sets out the background to FSMA 2023, provides an overview of FSMA 2023 and considers its key reforms. It also considers how FSMA 2023 interacts with the Retained EU Law (Revocation and Reform) Act 2023 (REUL(RR)A 2023).

On 9 December 2022, the chancellor of the exchequer, Jeremy Hunt, announced a package of proposed measures for UK financial services, collectively termed the Edinburgh Reforms. Practice Note: Edinburgh Reforms tracker outlines the key developments relating to each of the measures comprised in the Edinburgh Reforms and provides links to relevant documents.

Retailed EU law and assimilated law

From 1 January 2024. Retained EU Law (REUL) introduced by the European Union (Withdrawal)

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Latest Financial Services News

Financial Services—other developments (28/11/2025)

A round-up of other developments, which have not been covered in full by the LexisNexis Financial Services practical guidance team but may nevertheless be of interest.

PRA lists 2025 UK O-SIIs and G-SIIs, and sets O-SII buffer rates

The Prudential Regulation Authority (PRA) has published the 2025 lists of UK-headquartered globally systemically important institutions (G-SIIs) and UK firms designated as other systemically important institutions (O-SII). The PRA has also set the 2025 O-SII buffer rates for ring-fenced banks (RFBs), large domestic firms, and large building societies. The buffer will apply from 1 January 2027.

ESMA sets out planned consultations for 2026

The European Securities and Markets Authority (ESMA) has published an overview of planned consultation papers for 2026, covering EMIR 3, the CSDR Review, investor protection, the Listing Act and AIFMD/UCITS.

FCA publishes Handbook Notice No 135

The Financial Conduct Authority (FCA) has published Handbook Notice No 134, which includes changes to the FCA Handbook and other material made by the FCA board on 27 November 2025.

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