An update on our recent long-term competitiveness work
Set out the industry’s priorities for growth and underlined its enabling role across the economy in our ‘Six-point plan for growth’, published following the appointment of Rishi Sunak as Prime Minister. This plan, which focused on how industry can work with government and the regulators to drive economic growth and UK competitiveness, has formed the basis of other HMT submissions, including priorities for the Spring Budget and Autumn Statement.
Delivered a sustained and successful campaign on the Financial Services and Markets Act with clear priorities to ensure that the new secondary objective for growth and competitiveness was preserved and that regulatory performance was improved through greater regulatory accountability, transparency and scrutiny, with appropriate measures to track this over time. The campaign on this historic and important piece of legislation included a continued period of engagement with members, government, the opposition and senior stakeholders during its passage through parliament. Our objectives were realised, with the Bill being significantly amended to enable more robust regulatory reporting and enhanced powers for government and parliament to hold the regulators to account. Government also responded to our recommendation to formalise the process of creating KPIs for the FCA and PRA by launching a ‘call for proposals’ inviting feedback from industry. Overall, these successes represent a great outcome for our industry.
"I pay tribute to Miles Celic at TheCityUK [and others]... They were instrumental in the constructive dialogue with Treasury officials to ensure that the policy that we arrived at [in the Financial Services and Markets Bill] met the needs of this complex industry..."
Rt Hon John Glen MP, Chief Secretary to the Treasury, Financial Services and Markets Bill 2nd reading debate, House of Commons
Successfully campaigned to change the Foreign Influence Registration Scheme (FIRS) in the National Security Bill by leading a coalition of members and industry partners to coordinate our response.
Amendments were passed to scale back the FIRS, a major change in policy, which overturned previous amendments introduced to the Bill by the government in late 2022. These amendments would have placed
onerous restrictions on non-UK entities and would ultimately have disincentivised investment in the UK. Following Royal Ascent, the Home Office will convene expert panels to look at guidance, particularly to define ‘relevant activity’. We were invited to take part in those panels and it is currently expected that the FIRS will come into force in 2024 at the earliest.
Delivered our best-ever-attended Annual Conference in London focused on the industry’s role in driving growth and competitiveness. Sponsored by Citadel Securities and DLA Piper, we welcomed more than 350 delegates and a fantastic line-up of speakers, including EST Andrew Griffith MP; Shadow EST Tulip Siddiq MP; Executive Director of Consumers and Competition at the FCA Sheldon Mills; and our Leadership Council Chair Bruce Carnegie-Brown. We also held a series of engaging panel discussions with senior practitioners and stakeholders on key industry issues. Bloomberg Radio broadcast live from the event during the morning, interviewing keynotes, streaming the first panel live on air and promoting the event in the lead up. Media coverage from the event was very good and broad, driven by both the panels and speeches.