The government has announced a new law that will repeal existing regulation of the UK’s financial services in the first major shift for the industry following Brexit.

Rishi Sunak is putting forward a new Financial Services and Markets Bill, announced in the Queen’s speech on Tuesday, with the aim of “cutting red tape” in the sector.

The chancellor plans to revoke retained EU-derived law on financial services and replace it with new regulation designed specifically for the UK.

The government says that one of the main benefits of the legislation will be “harnessing the opportunities of innovative technologies” like cryptocurrencies.

The government said the law would also update the objectives of the financial services regulators to “ensure a greater focus on growth and international competitiveness” and reform the rules that regulate the UK’s capital markets to promote investment.

The government is also planning to ensure people across the UK continue to have access to cash, and introduce additional protections for those investing or using financial products, to make it safer and support the victims of scams.

Alongside this, it is establishing a UK Infrastructure Bank in legislation, as well as a new Bill designed to strengthen powers to tackle illicit finance and reduce economic crime.

“We are reforming our financial services sector now we have left the EU to ensure it acts in the interests of communities and citizens, creating jobs, supporting businesses, and powering growth across all of the UK,” said John Glen, economic secretary to the Treasury. “We know that access to cash is still vital for many people, especially those in vulnerable groups. We promised we would protect it, and through this Bill we are delivering on that promise.

“We are also sticking up for victims of financial scams that can have a devastating impact, by ensuring the regulator can act to make banks reimburse people who have lost money through no fault of their own.

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