Treasury has published the outcome of the consultation on the financial services future regulatory framework. The Government’s view is that the institutional architecture for regulation remains appropriate and is grateful for the responses to its call for evidence. It will set out in its forthcoming White Paper on Financial Services how this review fits within its vision for the future of financial services.
Key themes from respondents were:
- how public bodies manage the cumulative impact of regulatory change on firms;
- the risk of unintended interactions where policies of different public bodies overlap;
- the resources firms need to put into responding to consultations and the importance of a good cost/benefit analysis;
- while firms recognise the importance of data, it can be resource intensive to reply to requests;
- co-ordination of supervision for dual-regulated firms; and
- the possible benefits that automated supervisory engagement in some areas could bring