What's next for financial regulation? Hot topics for 2024

As winter days shorten and another year draws to a close, it's time to look ahead to what's in store for the coming 12 months. Lucy Hadrill and Emma Radmore explore regulatory hot topics to watch out for in 2024.

Emma Radmore(legal director) is a member of Womble Bond Dickinson's Financial Services regulation team in London, whereLucy Hadrillis an associate. Contact them onemma.radmore@wbd-uk.comandlucy.hadrill@wbd-uk.com.

2023 has been a year of real change for the United Kingdom's financial services sector. The Financial Services and Markets Act 2023 ushered in a new era for UK financial regulation, enhancing regulators' objectives and powers, as well as providing the framework for the repeal and necessary replacement of all laws and regulatory requirements stemming from European Union measures. The Financial Conduct Authority's new Consumer Duty came into force in the summer, setting higher expectations for the standard of care that regulated firms provide to consumers. In October, the Government announced tougher rules to stamp out debanking, enabling regulators to take action if any bank undermines or fails to protect its customers' rights. And all of this against the backdrop of economic uncertainty and firms, consumers and the regulators trying to navigate the continuing cost of living crisis.