UK Finance supports the reform of financial services currently underway through the roll out of the Smarter Regulatory Framework, and the move towards amore principle based regulatory environment. This new framework, with more powers for the regulators at its core, means that effective mechanisms are needed to monitor and scrutinise the regulators’ work.

Our response focuses on the clarity of the regulators’ their remits, the relationship between the regulators and the Government and the level of appropriate guidance Government should provide in supporting the regulators to discharge their duties.