UK Finance has published its official submission ahead of the Chancellor’s Mansion House speech on 15 July, outlining a package of regulatory reforms aimed at boosting competitiveness, unlocking capital markets, and driving innovation across the UK’s financial services sector.
The submission supports the Treasury’s upcoming Financial Services Growth and Competitiveness Strategy and builds on UK Finance’s existing Plan for Growth, with a focus on unlocking the sector’s wealth-creating potential and supporting the wider economy.
David Postings, Chief Executive of UK Finance, said: “Last year, the Chancellor rightly said the UK had become too cautious. This year’s speech and new financial services strategy provide the opportunity to act on that and take a careful but decisive move away from risk aversion, towards a more balanced and internationally competitive approach to regulation. This will enable the financial services sector to better help UK businesses, consumers and the government’s growth mission – something we all strongly support.”
Among the core proposals are reforms to UK capital markets. 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 – including reforms to public offers and admissions to trading. These, the organisation argues, are essential for reviving UK capital markets and encouraging investment and wealth creation.
The submission also addresses concerns about the Financial Ombudsman Service (FOS), urging the government to clearly define the boundaries between the FOS and the Financial Conduct Authority (FCA). UK Finance recommends putting a time limit on complaints and ensuring the FOS does not act as a “quasi-regulator” – a step it says would provide greater legal certainty, enable innovation, and reduce regulatory risk for firms.
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