Jeremy Hunt, the Chancellor of the Exchequer, United Kingdom, has highlighted financial services as one of the country’s five key growth sectors. In a written statement to the Parliament, the Chancellor set out a collection of announcements taking forward the government’s ambition for the UK to be the world’s most innovative and competitive global financial centre.
The government’s approach to reforming the financial services regulatory landscape recognises and protects the foundations on which the UK’s success as a financial services hub is built: agility, consistently high regulatory standards, and openness. This will ensure the sector benefits from dynamic, proportionate regulation and that consumers and citizens benefit from high-quality services, appropriate consumer protection and from a sector that embraces the latest technology.
To take this forward, the government is:
- Reforming the ring-fencing regime for banks
- Issuing new remit letters for the PRA and FCA with clear, targeted recommendations on growth and international competitiveness
- Publishing the plan for repealing and reforming EU law using powers within the FSM Bill, building a smarter regulatory framework for the UK
- Overhauling the UK’s regulation of prospectuses
- Reforming the Securitisation Regulation
- Repealing the Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulation, and consulting on a new direction for retail disclosure
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