In the 2026 King’s Speech, the King announced an Enhancing Financial Services Bill, which sets out to modernise consumer protections in the financial sector.
In this post we’ll take a look at what the Enhancing Financial Services Bill might mean for customers, and how it may change the regulatory landscape for financial firms including insurers and brokers.
For more information about how we can support your business, call us on 020 8290 9080 or email business@anthonyjones.com.
What Will the Enhancing Financial Services Bill Do?
The King’s Speech 2026 briefing notes report that the Enhancing Financial Services Bill will:
- Modernise consumer protections. For example, there are planned reforms to the Financial Ombudsman Service to make it easier for people to raise and resolve disputes.
- Simpler regulations, fewer regulators. The Bill will consolidate the Payment Systems Regulator with the Financial Conduct Authority (FCA). This means that firms will not have to deal with so many regulators, which could lead to more streamlined decision-making.
- Credit union reforms. The Bill will change the rules around who can become a member of credit unions, allowing a wider range of people and communities to access affordable finance.
- Proportionate admin. For example, the overall burden of the Senior Managers and Certification Regime will be reduced by 50%. Firms will therefore spend less time dealing with compliance processes, and can instead focus on growth and customer service.
- Support for lending and investment. The Bill will update the current system whereby major banks are required to separate their retail banking from their investment banking services, which will make it easier for UK SMEs to access finance.
What Does This Mean For Customers?
The Bill will strengthen consumer protection in a number of ways.
Simpler terms and easier access to support: They can expect simpler and more accessible terms and conditions on all financial products, and better access to support should something go wrong.
Credit union access: More people will have access to credit unions, meaning that many will find it easier to access finance.
Face-to-face banking: Plus, the Bill aims to ensure that communities across the UK will be able to access face-to-face banking whenever they need it, which could be a lifeline for rural communities, and for individuals who are not online.
What Does This Mean For Financial Institutions?
Financial institutions, including insurers and insurance brokers, may look forward to more streamlined and less complex regulatory and compliance processes. This could free up time and resources, allowing firms to focus on growth, and on delivering exceptional customer service.
However, some firms may have to make adjustments to ensure they meet certain aspects of the new regulations. For example, the Bill will require all terms and conditions to be “worded in simpler terms so everyone can understand them”.
Firms may therefore have to review:
- Policies
- Product descriptions
- Marketing materials
- Other resources to ensure they meet the accessibility guidelines
The Bill has just been introduced to parliament, and certain aspects are still subject to further independent review. You can keep tabs on the Bill’s progress by following the most up-to-date version of it.
Are You Ready For The New Financial Regulations?
Steve Blackmore, Director at Anthony Jones says:
“If this Bill is passed, then the financial sector may become fairer and less complex for both firms and customers.
“If you’re concerned about how these new regulations may affect your firm, we’re here to help. We can advise you on managing the risks of a changing regulatory environment, and we can help you access the specialist insurance cover you need.”
For more information about how we can support your business, call us on 020 8290 9080 or email business@anthonyjones.com.