King Charles is expected to set out a series of financial services reforms in his King's Speech annual address in the House of Lords today, mark the start of the Parliamentary year.
Due to be delivered at 11:30am, his second speech under the current government is expected to unveil about 35 bills and draft bills.
He is expected to announce reforms to regulation aimed at driving growth and innovation, as well as giving businesses the confidence to invest and grow.
The City reforms are expected to focus on cutting regulation to help stimulate growth.
The speech is expected to include details of proposed reforms to the Financial Ombudsman Service. The FOS is currently working with the FCA and Treasury to deliver a series of reforms to the redress system.
The Ombudsman has said it expects the majority of these changes to take place over the next two financial years.
One area expected to be addressed in today’s speech is the use of financial data and open finance.
The FCA has said previously said that open finance can unlock the potential for people and businesses to share their financial data securely with a range of financial services providers, helping them access mortgages, investments, savings and pensions.
The FCA has already begun to make changes to streamline some of its rules in a drive to cut red tape.
The FCA and PRA are currently working with the Government on legislative changes to the regime, including removing the SMCR and increasing flexibility for regulators to reduce the number of senior management functions which require pre-approval.
It first began reviews of the SMCR in December 2022 as part of the government's Edinburgh Reforms.
Several advice firms have welcomed the consultation paper, saying that it provides much needed clarification of the rules around ongoing advice.