The UK government published its long-awaited Financial Services and Markets Bill, ushering in a new era of scrutiny for the Financial Conduct Authority and the Prudential Regulation Authority.

In a reform package published on 20 July, the regulators have been given the power to repeal vast swathes of legacy EU rules in the wake of Brexit. However, the government is stepping up its oversight of them as a result, with a raft of moves welcomed by the majority of respondents to a consultation on the new framework published alongside the Bill.