Emma RadmoreHM Treasury has written to the Lords’ Financial Services Regulation Committee with its response to the Committee’s report on the FCA and PRA’s secondary international competitiveness and growth objectives. The report highlights actions the Chancellor has taken to overhaul the regulatory system to achieve consumer protection, support competition and support growth. Among the initiatives it notes are:
- the proposed significant reforms to the redress system;
- the review of the Consumer Duty – and the request that the FCA report on its application to firms engaged in wholesale activity, by the end of September;
- the importance of the Advice Guidance Boundary Review and the plan to bring the targeted support regime into force by early 2026;
- a plan to consult on the future for payments regulation following the announcement that the PSR will be consolidated within the FCA – with consultation planned for the summer;
- the proposals for streamlining the SMCR, with the consultation deadline of 7 October; and
- the steps already taken to give more flexibility to banks in lending.