As a longstanding member of IRSG, and major contributor to the report, PIMFA welcomes it and its key recommendations, including:
• Strengthening the scrutiny and holding of regulators and HM Treasury to account by establishing a new, appropriately mandated, staffed and resourced Cross-Parliamentary Committee; this will help eliminate poor rules and encourage smarter supervision since the regulator will have to account publicly for shortcomings leading to raised compensation claims against the industry;
• Strengthening the role and power of statutory panels to provide additional firepower to regulatory scrutiny;
• Making review mechanisms mandatory so that legislation and rules are regularly updated or dispensed with;
• Establishing a Financial Regulatory Policy Committee for regular independent scrutiny of cost-benefit analyses and regulatory proposals;
• Consolidating financial regulation to improve accessibility and lower compliance costs;
• Maintaining high regulatory standards within the UK and internationally.
• Maintaining the UK’s financial services ecosystem to avoid the increased costs and reduced choice for retail financial consumers of fragmentation.
Commenting on the report and its recommendations, PIMFA Deputy CEO John Barrass said:“This is an excellent report which PIMFA, as an important contributor, regards as a significant input to the Government’s consideration of how UK financial services regulation should be post-Brexit. It addresses key domestic concerns as well as aspects of the UK’s future position with the EU and internationally.
The report reflects a number of PIMFA views and interests, and will help our own bilateral work with Treasury to ensure that our detailed knowledge of the retail investment, savings, and advice markets, and their regulation, receives full consideration in the Government’s forthcoming review.”
As the UK’s final departure from the EU draws closer, PIMFA will focus on providing input to key stakeholders, especially HM Treasury and the Regulators, on the UK’s post-Brexit supervisory and regulatory régime. It will lead the way in safeguarding the retail investment, savings and advice sector and the more than 2.2 million clients it services, and as part of this process will launch a dedicated industry working group to develop and continue relevant insights and recommendations for the Government.
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