UK Finance has submitted regulatory reforms to enhance competitiveness, unlock capital markets, and stimulate innovation within the financial services sector. The proposals align with the Treasury's Financial Services Growth and Competitiveness Strategy. Key reform recommendations include completing reforms to public offers and trading admissions to revitalize capital markets. Additionally, concerns regarding the Financial Ombudsman Service and its role relative to the Financial Conduct Authority are addressed, with calls for clearer boundaries and legal certainty to reduce regulatory risks for firms.
The submission supports the Treasury's upcoming Financial Services Growth and Competitiveness Strategy and builds on UK Finance's existing Plan for Growth, focusing on unlocking the sector's wealth-creating potential.
UK Finance is calling on the government to complete the ambitious reform agenda of the past five years and deliver key changes currently in motion, essential for reviving UK capital markets.
David Postings, Chief Executive of UK Finance, stated the need to move away from risk aversion towards a more balanced and internationally competitive approach to regulation.
The submission also addresses concerns about the Financial Ombudsman Service (FOS), urging government to clearly define boundaries between the FOS and Financial Conduct Authority.
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