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,
“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
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