Platforms have one week to respond to Treasury consultation
Peer-to-peer lending platforms and stakeholders only have a week left to respond to a Treasury consultation on the future of regulation.
The Future Regulatory Framework (FRF) Review: Proposals for Reform was launched on 9 November 2021 and the deadline for feedback to the consultation is 11:45pm on 9 February.
The consultation proposed reforms to strengthen Parliament’s oversight of the City watchdog, to ensure transparency in the regulator’s processes and diversity in their appointments.
The review was established to consider how the financial services regulatory framework should adapt for the future post-Brexit.
Read more: Four regulatory changes that could impact P2P this year
The consultation said the government has proposed formalising through statute the mechanisms through which the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) provide information to Parliament and said this is to ensure they have the information they need to undertake that scrutiny.
In addition, the government aims to strengthen the engagement mechanisms that exist between the Treasury and the regulators.
It said this would be achieved through a new requirement for the PRA and the FCA to respond to the recommendations letters issued by the Treasury, and a new power for the Treasury to require the regulators to review their existing rules where the government considers that it is in the public interest.
Read more: FCA publishes proposals to strengthen financial promotion rules
Separately, in December the Treasury launched a consultation on the financial promotion exemptions for certified high-net-worth individuals, sophisticated investors and self-certified sophisticated investors. The deadline for responses to this is 9 March.