In our response, we support the Chancellor’s vision for financial services, and reaffirm support for the FSMA 2000 model for rule-making, rather than retained EU law.
We call on Treasury to reaffirm the existing principle of consumer responsibility.
All regulation should embody parity of esteem and treatment for mutuals alongside PLCs.
A new “fail-fast” mechanism is needed to deal with evident policy mistakes – the Treasury’s review option is insufficient.
Consultation, scrutiny and engagement are needed before, not after, major regulatory frameworks are agreed internationally.
The Ombudsman framework needs re-examination, with a view to a proper appeal mechanism, and application of regulatory principles to the FOS.
Robust cost-benefit analysis is essential, and should draw on best practice within Government and internationally.
Read the full response here.