As we look to the priorities for 2021, the Financial Services team will focus on a number of critical consultations and will engage with members on the role of financial services in recovery and in the longer term.
Financial Services Future Regulatory Framework Review
On 19 October, HM Treasury announced a consultation to explore how the UK regulatory framework for financial services will adapt outside the EU.
The consultation is part of the second phase of the Future Regulatory Framework (FRF) Review and focuses on ensuring effective arrangements for accountability, scrutiny and public engagement with the policy-making process. The government plans to release a second consultation in 2021, setting out a final package of proposals and how they will be considered.
The CBI will respond to this consultation, closing on 19 February 2021. Find out further information on the consultation and details on how to get involved.
Solvency II consultation
On 19 October, HM Treasury announced a call for evidence to seek views on reforming the prudential regulation of the UK insurance sector. This call for evidence is the first stage of the review of Solvency II and is underpinned by three objectives:
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