Treasury says no need for specific “have regard” to financial inclusion

Richard Fuller has written on behalf of HM Treasury to the Treasury Committee in relation to the proposal that FCA be given a “have regards” in relation to financial inclusion.  The effect of this, as part of the Future Regulatory Framework review, was to bring whether FCA needed any objective, or “have regards” or anything else in order to encourage it to consider financial inclusion in all its rule-making.  Despite recommendations that it should have specific mention, Treasury is of the view that FCA’s existing objectives and regulatory principles are well-aligned with financial inclusion objectives and that including a new “have regards” would not lead to any tangible improvement.

Emma Radmore