In his annual Mansion House speech, Chancellor Philip Hammond announced a major, long-term review into the future of the regulatory framework. Miles Celic, Chief Executive Officer, TheCityUK, said,
Responding to the announcement, Miles Celic, Chief Executive Officer, TheCityUK, said,
UK regulators are globally respected, setting the international gold standard for financial regulation. Yet as each regulator has striven to respond positively and proactively to new innovations or developments, there has been a growing trend towards congestion and overlap. Each pound spent on overlapping compliance is a pound less spent on new innovation and investment.
“The Chancellor is right to don his white gloves, step out into the road and set about sorting out the traffic jam. If the UK is to continue to lead the world in this industry and attract new firms and investment, it will need the much closer partnership between Government, regulators and the industry, for which TheCityUK has long-called.”