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.