Treasury Committee hears from financial regulators

As part of its inquiry into the Future of Financial Services post-Brexit, the Treasury Committee held a session on Monday 21st February with representatives from the PRA, FCA and the Bank of England. The aim of the session was to discuss the future of financial services and whether the government should bring in new objectives for regulators to consider long term growth and competition in the market.

The session started with understanding what the representatives’ views were around the direction of regulation but the discussion quickly turned to criticism on the regulators for not doing enough to tackle fraud and for being too slow on approval while also being weak on enforcement. The criticism comes as the British finance ministry plans to require regulators to consider the financial sector’s global competitiveness when writing new rules.




FIN. Team