CBI responds to UK Government's Financial Services Bill

Chris Wilford, CBI Director of Financial Services, said:

“This new Financial Services Bill provides an important platform for growth. The UK’s independent financial regulators are well regarded across the globe. These proposals set out an agile approach and the CBI wants to see empowered regulators that drive smarter regulation with effective parliamentary scrutiny.

“Making the most of our Post-Brexit freedoms by supporting a proportionate and targeted regulatory framework that can enable recovery, growth, competition, and innovation should be the priority. Therefore, we need a wider dialogue with Parliament regarding its role in holding the regulators to account to fully realise the government’s vision for UK financial services.

“Fresh mechanisms could include a Joint Committee of both Houses of Parliament that considers the creation, purpose and delivery of regulation, with the right resources to support informed members. This will be vital as the UK deals with the twin challenges of domesticating EU legislation and facing into new challenges like crypto and sustainable finance.”