Economic Secretary to the Treasury, Andrew Griffith, has spoken on the progress of various elements of the Edinburgh reforms including giving his update on the FSM Bill. He focussed on the new duty on PRA and FCA to facilitate the international competitiveness of he UK and its growth in the medium to long term, in the context of the plan to replace retained EU law with an approach tailored to the needs of UK markets. He noted the need to balance the increased responsibility for regulators with clear accountability and transparent oversight and said the Bill does this through increasing accountability to Parliament, strengthening the regulators’ relationship with Treasury and requiring them to publish more performance metrics and enhance their engagement with stakeholders.
He moved on to speak of technology and innovation and the creation of the new FMI sandbox, the first of which he said would be up and running this year.
He also referred to the consultation on crypto-regulation and the digital pound and noted the Government is also taking forward other initiatives in the innovation space.