Government Growth Plan heralds role of financial services

The Government’s new Growth Plan announced on 23 February highlights the importance of the financial services sector and, specifically:

• a plan to scrap bankers’ bonus caps;
• the need to scrap much of Solvency II; and
• the plan to consult later in the autumn on an “ambitious deregulatory package” including the plan for repealing EU financial services laws and replacing it with rules tailor-made for the UK.