1.1 The Future Regulatory Framework (FRF) Review was announced at Mansion House on 20 June 2019 by the then Chancellor of the Exchequer, with the purpose of ensuring that the UK's financial services regulatory framework is fit for the future. The regulatory framework sets the overall approach to regulation of financial services and establishes the institutional architecture needed to operationalise the regulatory regime.  While there is no exact definition of what constitutes the regulatory framework, a broad view would include:

• the principles and processes for developing and implementing financial services policy in the UK, including who specifies and defines the activities which are regulated, who sets the standards for regulated activities, and the consequences for failing to adhere to regulatory requirements;

• the institutions that are responsible for developing policy, designing and implementing requirements, and supervising compliance with those requirements;

• the arrangements by which the policy and regulatory institutions are accountable for their work.