‘We have long called for more proportionate regulation for our low risk sector, that maintains protection for customers and the announcement is another step closer to achieving that,’ says chief executive
Biba has welcomed the government’s new Enhancing Financial Services Bill, labelling its introduction as “essential and extremely positive news”.
The bill was announced in the King’s Speech yesterday (13 May 2026) and will be introduced for the 2026/27 parliamentary session.
It aims to deliver key parts of the Leeds Reforms set out by the chancellor in 2025 and help the financial sector grow.
Biba has been calling for the new bill as its number one manifesto issue, which was launched in January 2026.
Graeme Trudgill, Biba’s chief executive, said: “The Enhancing Financial Services Bill is essential and it is extremely positive news.
”It means that the great work that has been announced to reduce regulatory inefficiencies, reduce the frictional cost of regulation and improve productivity can now be taken forward and become a reality.
”We have long called for more proportionate regulation for our low risk sector, that maintains protection for customers and the announcement is another step closer to achieving that.”
‘Important detail’
Key goals of the bill include modernising consumer protections and redress arrangements to reflect today’s markets, as well as consolidating the regulatory framework to enable stronger coordination and clearer responsibilities, reduce fragmentation of the regulators and support innovation.
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The bill also aims to ensure that the administrative burden on firms is proportionate without compromising on core consumer, prudential and market protections.
Trudgill added: “For Biba members, the detail will be important. Our aim is for the bill to be a legislative vehicle to deliver quicker authorisations, reform of the Financial Ombudsman Service, removal of the certification regime from the senior managers and certification regime and creates a provision licence regime for start up firms.
”All of which will help boost the growth and competitiveness of the UK financial services sector.”
His career began in 2019, when he joined a local north London newspaper after graduating from the University of Sheffield with a first-class honours degree in journalism.
He took up the position of deputy news editor at Insurance Times in March 2023, before being promoted to his current role in May 2024.View full Profile
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