Loading…

A victory for common sense - Treasury's Phase 2 review of the future regulatory framework for financial services

The BSA has warmly welcomed, and supports, HMT’s sensible proposals. 

Unnoticed among the run of other major world events, the Treasury's important consultation on the second phase of its review of the future of financial services regulation post-Brexit has drawn to a close after four months. The BSA has warmly welcomed, and supports, HMT’s sensible proposals. There are some very clear and obvious wins.

First: if it ain't broke, don't fix it. The UK's own model of regulation, under FSMA 2000, was exhaustively discussed, scrutinized, and legislated in 1997-2000 and has stood the test of time. Unlike the EU model, detailed regulation is left to expert independent regulators within a framework architecture clearly set out by Parliament. Now we are no longer bound by  the EU straitjacket it's the obvious choice for the UK: it’s home-grown, it works - what's not to like?

The second is to consolidate regulatory material, now originating both from on-shored EU material and domestic rulemaking, in a single corpus. We move on from what some have described as the alphabet soup of EU regulation: CRR, MiFID 1 and 2, DGSD, BRRD, ITS, RTS, EBA, XYZ (we made the last one up). As we said in our response, we recognise this cannot happen overnight, but it’s absolutely the right objective.

We have been lobbying for these two core proposals for a post-EU landscape since late 2016 so these proposals are a welcome victory for common sense.

You may also be interested in...

BSA Card
  • BSA.IndustryResponse Industry Response
  • Conduct Risk & Regulation

FOS Consultation on charging Claims Management Companies & other professional representatives

The BSA strongly supports the principle of charging a fee to CMCs.

BSA Card
  • BSA.Event Event
  • Conduct Risk & Regulation

Annual Update & Networking for Boards

This autumn, the BSA is running its first event designed specifically for Board Members (Exec and Non-Exec) and Board attendees. This in-person e...

BSA Card
  • BSA.Event Event
  • Conduct Risk & Regulation

Consumer Duty: Navigating Board Reports

A free webinar hosted by BSA Associate, docStribute docStribute and Woodhurst are collaborating to bring you this webinar series. Following our pre...

BSA Card
  • BSA.Event Event

Building Societies Annual Conference 2024

Building Societies Annual Conference 2024 8th -9th May, Manchester   The Building Societies Annual Conference is the leading event in the secto...

BSA Card
  • BSA.Event Event
  • Audit & Taxation

Audit, Risk & Regulation Autumn Series

This year's annual update returned in a brand new format with a series of topical webinars covering key areas of audit, risk and regulation. This...

BSA Card
  • BSA.Event Event
  • Conduct Risk & Regulation

Consumer Duty: Linking Customer Outcomes to Customer Experience

A free webinar hosted by BSA Associate, Protiviti This webinar will explore ways firms can effectively test, monitor, and report customer outcomes ...

BSA Card
  • BSA.Event Event
  • Conduct Risk & Regulation

BDO's Financial Services' NED event: Consumer Duty Board Champions

BDO’s Financial Services’ team is delighted to invite you to our first FS NED event for 2024, to discuss the Consumer Duty’s ("the CD") next phase of ...

BSA Card
  • BSA.Event Event
  • Prudential Regulation

Preparing for successful regulatory visits

Two half-day sessions on 24 & 25 January 2024

  • BSA.IndustryResponse Industry Response
  • Conduct Risk & Regulation

GC23-2 FCA Guidance consultation on financial promotions on social media

Our response to FCA GC23-2