Establishing the framework for the future regulation of financial services is important since financial services plays a key role in the UK economy. Clarifying the role of Parliament and of the regulators plays an important part in this framework.
All 43 UK building societies and 6 credit unions we represent agree that there is scope for a simpler, proportionate regulatory framework post-Brexit, and work is underway on this in the regulatory sphere.
The role of Parliament is to set the architecture of financial regulation set in primary legislation. There is then provision for further flexibility through powers to make secondary legislation, and the statutory regulators have the powers and responsibility (within suitable constraints) to develop regulatory policy and detailed regulation.
Read the full response