The government rightly says the UK should strengthen its international competitiveness and ensure the financial services sector is positioned to best support businesses and consumers. Regulatory reform is essential to achieving these goals, and the Enhancing Financial Services Bill is an important step in that process.
 
We welcome the government’s commitment to delivering reforms UK Finance and the industry has long called for, including changes to the Financial Ombudsman Service, integrating the PSR into the FCA, and reducing the administrative burden of the Senior Managers and Certification Regime.
 
As we set out in our recent report, Plan for Growth: from Strategy to Delivery, the priority is delivery and ensuring these reforms bolster the sector’s contribution across the whole of the UK.