UK Finance has released its Plan for Growth, advocating for reforms in the financial services sector that align with the government's growth agenda. Key recommendations include creating a pro-growth environment, ensuring the future fitness of the financial system, and expanding access to services. Notable reforms already in progress encompass merging the Payment Systems Regulator with the FCA and simplifying lending rules. The document also suggests further actions for government and regulatory bodies to foster innovation and investment in UK finance, as stated by UK Finance's CEO, David Postings.
The government announcing it will review the role of the Financial Ombudsman Service to address concerns it can act as a quasi-regulator.
The government announcing that the Payment Systems Regulator will be folded into the FCA to help simplify the UK's regulatory architecture.
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