The House of Commons Treasury Committee has published its report: “Future of financial services regulation”. Responding to the report, Miles Celic, Chief Executive Officer, TheCityUK, said,
“This is a constructive and timely report from the Treasury Select Committee. As a result of Brexit, UK regulators have taken on a significantly changed and more powerful role, with greater independence than ever before. Regulators need to enjoy a high level of independence and autonomy in relation to regulation, but they must also exercise this in a way that will deliver on overarching social and economic policy priorities that the government and Parliament have set.
“We agree with MPs that the overarching goal of the UK’s regulatory framework review must be to stimulate a regulatory culture which is robust, fair, competitive, and customer centric. All reforms should seek to prevent gold plating and, where appropriate, support the regulators in driving convergence towards global standards.”
International benchmarks needed to fully assess regulators’ impact on competitiveness and growth
New research shows that the UK financial regulators’ metrics to track progress against their secondary objective for competitiveness and growth will provide world-leading transparency and accountability.