Emma RadmoreThe Chancellor’s first Mansion House speech stressed the importance of the financial services industry to the UK and highlighted 5 priority growth opportunities on which the Government will focus its strategy:
- fintech
- sustainable finance
- asset management and wholesale services
- insurance and reinsurance
- capital markets
She also emphasised the need for international cooperation with both the US as the most important destination for financial services trade and the EU as the UK’s biggest trading partner. She noted the need to reset the EU-UK relationship in a world that will not reverse Brexit or re-enter the single market or customs union.
She highlighted some upcoming publications, including:
- imminent publication of the outcome of the SMCR review, which will include a consultation on removing the certification regime from legislation;
- a PRA consultation on reducing the length of pay deferrals – an area in which the UK is an outlier;
- the FCA’s work to streamline regulatory requirements and remove duplication; and
- an FCA consultation on financial guidance and advice.
The Government has also issued new remit letters focussing on growth to the FCA, Prudential Regulation Committee, Monetary Policy Committee, Financial Policy Committee and the PSR. It has worked with the FCA and the FOS on how they can work better together.
She also announced the intention to:
- establish an innovative new stock market, PISCES, by May 2025 to support companies to scale and grow;
- launch a pilot to deliver a digital gilt instrument;
- consult on improvements to the captive insurance regime;
- work with tech and telco providers to reduce the scale and incidence of fraud;
- review the credit union common bond structure and ask the regulators to report on the mutuals’ landscape;
- further back the work of the Invest in Women taskforce and the Women in Finance Charter; and
- support progress of Open Banking and support to fintech business through the new National Payments Vision.