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On 19 February 2021, UK Finance responded to HM Treasury's phase-II consultation on its financial-services future regulatory-framework review. The response supports the broad thrust of the Treasury's proposals for regulators with enhanced powers, subject to effective scrutiny and accountability, to deliver democratically determined objectives and elaborates how the future regulatory framework can benefit consumers, firms, society and the UK as a whole. It recommends that the framework support, and be supported by, an overarching vision for the future of UK financial services, both domestically and internationally. It calls for a single model for regulation across banking and finance and a more coherent approach to regulation based on the principle of same activity, same risk, same regulation. It argues for competitiveness and proportionality to be the keystones of a future framework in which regulators rigorously assess their interventions. And it stresses the need for regulators to be subject to additional scrutiny by Parliament and accountability under the law.
Supporting reports can be accessed below:
PDF: 875 KB