Queen’s Speech 2022 - Notes for Compliance Professionals

The Queen’s Speech, delivered by The Prince of Wales on 10th May 2022, proposed several bills that compliance professionals and regulatory teams need to have on their radars. We think that there are four in particular that need attention: 

Financial Services and Markets Bill

Looking to bolster the UK’s financial services industry, this legislation will ensure that providers continue to act in the best interests of individuals and communities. Some are heralding it as a “seismic change” that will not only protect access to cash, but asks regulators to focus on international competitiveness. However, it is also working to revoke existing EU-derived rules and replace these with home-grown alternatives. Being on top of both obvious and more nuanced differences between the past and the future will be a challenge for compliance teams.  

Data Reform Bill

Reforming the UK’s data protection regime is on the cards with plans to remove the red tape of EU data law. The Government plans to refresh “highly complex” data protection laws. Flexibility and a more “outcomes-based” approach to the overall protection of personal data is set to go a long way towards the creation of a culture of data protection. But unwinding GPDR-focused processes and controls will take time and attention, but with the potential upside of more risk-appropriate flexibility for businesses. 

Draft Digital Markets, Competition and Consumer Bill

Promoting competition, protecting businesses and households, and strengthening the rights of consumers is the intent of this bill. New competition rules for the biggest digital firms will be put in place, and more regulatory powers are proposed to help curb the influence of the largest tech businesses. Powers to enforce competition rules on some of the biggest social platforms and search engines form part of the bill, heralding potentially considerable fines and strict sanctions for any breaching the rules. 

Brexit Freedoms Bill

Seizing opportunities arising from leaving the European Union is a key goal for the Government. Regulations affecting businesses are set to be rescinded and reformed, while laws still overhanging from the UK’s days in the EU, will be able to be more easily amended. Critics don’t believe it will fully liberate the UK’s economy, but the Prime Minister did publicly promise that £1 billion of red tape will be cut for businesses and that the bill will improve regulation. Expect a flurry of changes that need to be accommodated, even if they are mostly removing red tape.

Watch this space for further, more detailed updates on these bills, and how they are set to affect regulated business across the economy.