Treasury Committee publishes responses to “future of regulation”

The Treasury Committee has published responses from the Government, PRA and FCA on its report on the future of financial services regulation. Among the key observations are that:

  • all regulators agree the importance of the post-Brexit rulebook, but caution it will take a long time to achieve but are mindful of the need to communicate plans;
  • in the PRA’s view, the independence of the BoE is vital to maintaining effective regulation;
  • PRA also agrees that the UK should not lower its standards in the hope of short-term international competitiveness success;
  • FCA also supports regulatory independence, but noted its view that there is no need for a specific “have regard” requirement in relation to financial inclusion as it already acts in line with objectives that would include this; and
  • FCA also addressed suggestions and comments around innovation, and its service standards and responsiveness.

Emma Radmore