Commons Sense

House of Commons · Written Ministerial Statement

Future Regulatory Framework Review and Solvency II Review

19 October 2020 · Treasury

Proposed by John Glen Con Salisbury

BrexitBusiness & Trade

Summarised by AI from the official record, so it can contain mistakes.

View on Parliament.uk

At a glance

Key points

  • The Government is starting Phase II of the Future Regulatory Framework Review.
  • A review of Solvency II is also being initiated to tailor UK financial services regulation.
  • Responses to consultations on both reviews are due by January 19, 2021.

Issue summary

The statement addresses the commencement of Phase II of the Future Regulatory Framework (FRF) Review and a review of Solvency II, aimed at tailoring UK financial services regulation to better support the domestic economy and sector.

Action requested

The Government is initiating consultations on both the FRF and Solvency II reviews, with responses due by January 19, 2021. The first consultation on FRF proposes an approach that builds on existing strengths while adapting to post-EU regulation needs, ensuring a coherent, agile, and democratically accountable framework.

Key facts

  • Government laid the first FRF consultation on the wider regulatory framework for financial services.
  • Published a call for evidence as part of the Solvency II Review.
  • The views gathered will inform proposals set out in a second consultation during 2021.
  • Solvency II review focuses on specific areas including risk margin, matching adjustment, and reporting requirements.
  • Both publications are available on www.gov.uk until responses close on January 19, 2021.
▸ Assessment & feedback
Summary accuracy