This latest report by the International Regulatory Strategy Group (IRSG), launched today, calls on global stakeholders to reaffirm their commitment to regulatory coherence to support a digital and green pandemic economic recovery.
'Global Solutions to Global Problems: Promoting Regulatory Coherence in Financial Services for Pandemic Recovery' suggests that by making a renewed commitment to regulatory coherence, policymakers will support progress on challenges to future economic growth, such as climate change, cyber-crime and financial crime.
Data referenced in the report suggests that regulatory fragmentation in the financial services sector consumes 5-10% of annual global turnover.*
City of London Corporation Policy Chair, Catherine McGuinnessThis timely report highlights how global regulatory coherence will be vital to our attempt to build back better. The common challenges we face across the globe call for a common approach as we rebuild after the pandemic and combat climate change. Fragmentation however ultimately leads to increased costs for customers and reduced choice. Instead we need cross-border regulatory collaboration in order to support a digital and sustainable economic recovery. Global policymakers should adhere to the principles set out in this report as an essential means of unlocking future growth.
* - According to International Federation of Accountants & OECD BIAC, Regulatory Divergence: Costs, Risks and Impacts, February 2018.
