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ABI response to the Financial Services Future Regulatory Framework Review

In response to the consultation published today by HM Treasury on the Future Regulatory Framework Review, the ABI has issued the following comment:

Huw Evans, ABI Director General says,

Huw Evans“The second consultation on the Financial Services Future Regulatory Framework Review has the right intentions towards creating a regime that is fit for purpose but it could have gone further. If the Government wants the UK to compete on the global financial stage then we need a regulatory framework that matches the same vision. It’s disappointing to see the consultation published today recommends a new growth and international competitiveness objective that will only be a secondary objective for the PRA and FCA. This does not go far enough as regulators will always put primary objectives above secondary ones. We have a unique opportunity to boost competitiveness, attract overseas capital and promote the UK as a world leading financial services hub, but unless regulators have economic growth as a primary objective, we are not convinced anything major will change.”

Further information:

ABI Press Office
Press_office@abi.org.uk


Last updated 09/11/2021