THE TREASURY has issued a call for feedback on how effectively the UK’s financial regulators work together, as part of a long-term review into financial regulation.
The first phase of the Financial Services Future Regulatory Framework review was launched today (19 July) and its aim is to look at how the co-ordination between the regulatory authorities could be improved. Future phases of the framework review will focus on how the UK’s financial sector can maintain its world-class reputation post-Brexit.
“The UK’s financial services sector is vital to our economy and I want to make sure it endures in the future – innovative, competitive and safe from shocks like those we saw during the financial crash,” said City minister John Glen.
“Our regulatory framework has played a vital role in encouraging competition while protecting consumers, and has made the UK one of the best places to invest and do business.
“It is now right that we step back to look at how the system is working more widely, and what changes may be needed in the future to adapt to the UK’s new position outside of the EU, whilst maintaining the strengths of our current framework, including our world leading independent regulators.”
The Treasury hopes to use the Financial Services Future Regulatory Framework review to determine the long-term effectiveness of the current regulatory regime.
Submissions have been invited or the first phase of the review, which will focus solely on how the overall impact of regulatory change on the financial services firms and their customers should be managed.