Response to call for evidence by the Joint Committee on the draft Financial Services Bill

Today we have responded to the Joint Committee of MPs and Lords which is scrutinising the new Financial Services Bill – the blueprint for the UK’s new regulatory structure. You can read our response by following this link.

In our response we call for the new system of UK regulation to achieve a balance between the goals of financial stability and economic growth, which will lead to better outcomes for consumers and businesses across the UK, as well as maintaining the vibrancy and important economic function of the UK’s financial and professional services sector.

We also emphasise the important role that the UK’s financial services industry, the Government and UK regulatory authorities can play in shaping global financial regulation, through representation in the new European Supervisory Authorities and on other international committees. It is vital that the division of responsibilities in the new regulatory structure does not dilute the UK’s influence overseas.

We encourage the Government to consult further with financial services firms to make detailed proposals governing the UK’s international representation and coordination.