MPs warn govt against weakening financial regulation standards

Opportunities for simplification

Valeria Martinez
clock • 2 min read

The Treasury Committee has urged the government not to weaken the UK’s regulatory standards for the financial services sector, in a report published on Thursday, 16 June.

As regulators gain new powers following the UK's departure from the EU, the committee, made up of cross-party MPs, said the Treasury should respect regulatory independence and not pressure them to "weaken" or "water down" financial regulation standards. MPs said that while Brexit should not in itself be the cause of instant or dramatic changes to financial services regulation, there will be opportunities to seek simplification while being mindful of continued compliance with global standards.  "The financial services sector is at a turning point, with regulators taking on new powers f...

To continue reading this article...

Join Professional Adviser

  • Unlimited access to real-time news, industry insights and market intelligence.
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters.
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection.
  • Members-only access to the editor’s weekly Friday commentary
  • 
 Be the first to hear about our events and awards programmes.

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA vows to fight British Steel redress scheme legal challenge

FCA vows to fight British Steel redress scheme legal challenge

Advisory firms in British Steel Action Group take court action against compensation

Jenna Brown
clock 23 January 2023 • 2 min read
Foreseeable harm: The key to Consumer Duty compliance

Foreseeable harm: The key to Consumer Duty compliance

'Looking both ways across the value chain'

Chris Davies
clock 16 January 2023 • 4 min read
FSCS sets management expenses budget of £99.8m for 2023/24

FSCS sets management expenses budget of £99.8m for 2023/24

Latest budget update released for day-to-day running costs

Jenna Brown
clock 12 January 2023 • 2 min read