Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the impact of the Smarter Regulatory Framework, in particular the impact of the repeal of retained EU law under the Financial Services and Markets Act 2023, on promoting sustainable economic growth and the international competitiveness of the UK’s financial services sector.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

As of the most recent update in July 2025, HM Treasury has repealed, amended, or replaced 51% of assimilated law it is responsible for, as set out in the Retained EU law and Assimilated Law Dashboard. The great majority of this is financial services legislation.

In the last 12 months, HM Treasury has made SIs to replace the EU’s Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulation, and the EU’s Short Selling Regulation.

Sustainable economic growth is a priority of the government. That is why the Financial Services Growth and Competitiveness Strategy, published on 15 July 2025, sets out the government’s approach to delivering a regulatory environment for financial services that is proportionate, predictable, and internationally competitive.

The government has sought to deliver this approach in a way that minimises disruption and produces the most streamlined and accessible framework for firms and creates an agile, workable and coherent regime. For example, through the Financial Services and Markets Act 2000 (Designated Activities) (Supervision and Enforcement) Regulations 2025, which make it easier for the FCA to consistently supervise activities and enforce rules that replace key parts of EU law.

The financial services regulators already have significant rule-making powers, and the government worked closely with them in determining its approach to replacing retained EU law, to ensure that regulators are ready to take on additional responsibilities. It is for regulators like the Prudential Regulation Authority, the Financial Policy Committee, as well as the Financial Conduct Authority, to determine their approach to these new responsibilities They are funded via a levy on financial services firms, and it is their responsibility to set their own funding requirements each year, following consultation, to ensure that they are able to carry out their functions.

Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the impact of transferring detailed responsibilities from retained EU law to the Prudential Regulation Authority and the Financial Policy Committee; and how they intend to ensure coherence and consistency across the UK’s financial regulatory framework.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

As of the most recent update in July 2025, HM Treasury has repealed, amended, or replaced 51% of assimilated law it is responsible for, as set out in the Retained EU law and Assimilated Law Dashboard. The great majority of this is financial services legislation.

In the last 12 months, HM Treasury has made SIs to replace the EU’s Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulation, and the EU’s Short Selling Regulation.

Sustainable economic growth is a priority of the government. That is why the Financial Services Growth and Competitiveness Strategy, published on 15 July 2025, sets out the government’s approach to delivering a regulatory environment for financial services that is proportionate, predictable, and internationally competitive.

The government has sought to deliver this approach in a way that minimises disruption and produces the most streamlined and accessible framework for firms and creates an agile, workable and coherent regime. For example, through the Financial Services and Markets Act 2000 (Designated Activities) (Supervision and Enforcement) Regulations 2025, which make it easier for the FCA to consistently supervise activities and enforce rules that replace key parts of EU law.

The financial services regulators already have significant rule-making powers, and the government worked closely with them in determining its approach to replacing retained EU law, to ensure that regulators are ready to take on additional responsibilities. It is for regulators like the Prudential Regulation Authority, the Financial Policy Committee, as well as the Financial Conduct Authority, to determine their approach to these new responsibilities They are funded via a levy on financial services firms, and it is their responsibility to set their own funding requirements each year, following consultation, to ensure that they are able to carry out their functions.

Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the capacity and resources available to the Prudential Regulation Authority and the Financial Policy Committee to carry out the additional responsibilities transferred to them under the Smarter Regulatory Framework.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

As of the most recent update in July 2025, HM Treasury has repealed, amended, or replaced 51% of assimilated law it is responsible for, as set out in the Retained EU law and Assimilated Law Dashboard. The great majority of this is financial services legislation.

In the last 12 months, HM Treasury has made SIs to replace the EU’s Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulation, and the EU’s Short Selling Regulation.

Sustainable economic growth is a priority of the government. That is why the Financial Services Growth and Competitiveness Strategy, published on 15 July 2025, sets out the government’s approach to delivering a regulatory environment for financial services that is proportionate, predictable, and internationally competitive.

The government has sought to deliver this approach in a way that minimises disruption and produces the most streamlined and accessible framework for firms and creates an agile, workable and coherent regime. For example, through the Financial Services and Markets Act 2000 (Designated Activities) (Supervision and Enforcement) Regulations 2025, which make it easier for the FCA to consistently supervise activities and enforce rules that replace key parts of EU law.

The financial services regulators already have significant rule-making powers, and the government worked closely with them in determining its approach to replacing retained EU law, to ensure that regulators are ready to take on additional responsibilities. It is for regulators like the Prudential Regulation Authority, the Financial Policy Committee, as well as the Financial Conduct Authority, to determine their approach to these new responsibilities They are funded via a levy on financial services firms, and it is their responsibility to set their own funding requirements each year, following consultation, to ensure that they are able to carry out their functions.

Question to the HM Treasury:

To ask His Majesty's Government what progress they have made in bringing forward statutory instruments under the Financial Services and Markets Act 2023 to replace retained EU law as part of the Smarter Regulatory Framework; and what is the expected timetable for completion of this process.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

As of the most recent update in July 2025, HM Treasury has repealed, amended, or replaced 51% of assimilated law it is responsible for, as set out in the Retained EU law and Assimilated Law Dashboard. The great majority of this is financial services legislation.

In the last 12 months, HM Treasury has made SIs to replace the EU’s Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulation, and the EU’s Short Selling Regulation.

Sustainable economic growth is a priority of the government. That is why the Financial Services Growth and Competitiveness Strategy, published on 15 July 2025, sets out the government’s approach to delivering a regulatory environment for financial services that is proportionate, predictable, and internationally competitive.

The government has sought to deliver this approach in a way that minimises disruption and produces the most streamlined and accessible framework for firms and creates an agile, workable and coherent regime. For example, through the Financial Services and Markets Act 2000 (Designated Activities) (Supervision and Enforcement) Regulations 2025, which make it easier for the FCA to consistently supervise activities and enforce rules that replace key parts of EU law.

The financial services regulators already have significant rule-making powers, and the government worked closely with them in determining its approach to replacing retained EU law, to ensure that regulators are ready to take on additional responsibilities. It is for regulators like the Prudential Regulation Authority, the Financial Policy Committee, as well as the Financial Conduct Authority, to determine their approach to these new responsibilities They are funded via a levy on financial services firms, and it is their responsibility to set their own funding requirements each year, following consultation, to ensure that they are able to carry out their functions.

Question to the Department of Health and Social Care:

To ask His Majesty's Government what are the rules that apply to hospitals on Do Not Resuscitate decisions; whether in all relevant cases patients are explicitly asked to agree on their use; and whether they have any plans to tighten rules around such use.

Answered by Baroness Merron - Parliamentary Under-Secretary (Department of Health and Social Care)

Do Not Attempt Cardiopulmonary Resuscitation (DNACPR) is a medical decision made by a qualified clinician.

A DNACPR decision is made on an individual, namely person by person, basis, and should, wherever possible, involve the person concerned or, where the person lacks capacity, their families, carers, guardians or other legally recognised advocates. Guidance from clinical bodies such as the British Medical Association, The Resuscitation Council UK and Royal College of Nursing reflects this.

In 2021, the Department established a Ministerial Oversight Group, responsible for the delivery and required changes to ensure adherence to guidance across the system about how DNACPRs are used. As part of this work, a set of Universal Principles for Advance Care Planning were jointly published in March 2022 by a coalition of partner organisations across health and social care. The principles can be applied in all settings to support people; their families and professionals share the same understanding and expectations for DNACPR decisions.

Patient-facing guidance setting out how DNACPR decisions should be made and how individuals or their families can get support if they have concerns about a DNACPR, including second opinions and review, is provided on NHS.UK in an online-only format.

Currently, no active work is being undertaken to revise DNACPR guidance.

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