The Chancellor has launched the first phase of the Financial Services Future Regulatory Framework review by publishing a call for evidence that looks primarily at how co-ordination between regulatory authorities could be improved.
The call for evidence sets out what the Government thinks are the key requirements for effective regulation and outlines the roles of the FPC, BoE, PRA, FCAm CMA and PSR – and says it believes these institutional arrangements are the most effective way of ensuring clear and robust regulatory focus on macroprudential, microprudential, economic and conduct risks and does not propose to revisit the structure as part of the review.
The review must of course take into account Brexit, not least in terms of how to reflect laws currently directly applicable in the UK, but also the hoped-for future trading relationship with the EU. Technological change and wider global challenges are other key priorities.
The Government asks for views by 18 October on:
- how the current regulators work together on regulatory change and initiatives including how they consider impact on both consumers and firms and whether they ask for the right amount of information as part of their policy-making process; and
- how firms and regulators can work together to make authorisation, supervision and enforcement more efficient.