The Future Regulatory Framework (FRF) Review was established to determine how the overall approach to regulation of financial services needs to adapt to the UK's new position outside the EU and to ensure the regulatory framework is fit for the future. After focusing on the specific issue of coordination between the UK's regulatory authorities in Phase I of the review, the government is now moving to Phase II which will examine the broader regulatory framework for regulation of financial services in the UK.

The government is conducting this phase of the FRF Review in two stages. This first consultation sets out an overall blueprint for financial services regulation, focusing on the split of responsibilities between Parliament, the government and the financial services regulators. In doing so, it highlights the importance of ensuring appropriate and effective arrangements for accountability, scrutiny and public engagement with the policy-making process, particularly in relation to the UK's financial services regulators. The government will carefully consider the responses received and use these to inform a second consultation in 2021, which will set out a final package of proposals and how they will be delivered.