Industry response

Future Regulatory Framework Review

BSA Response to HMT Proposals for Reform

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.

 

Contact

Jeremy Palmer

Head of Financial Policy

jeremy.palmer@bsa.org.uk