Accountability in Financial Regulation

Opened the debate

The MP discusses the importance of improving financial regulation accountability as part of the UK's post-Brexit plans. He emphasises the need to complete Brexit by replacing the Northern Ireland protocol, addressing illegal immigration via small boats, and removing unnecessary EU-derived laws. The speech focuses on the Financial Services and Markets Bill, highlighting the need for regulators to be accountable under common-law principles, proposing amendments to ensure regulatory decisions can be independently reviewed by courts and tribunals. He argues that this will enhance predictability and competitiveness of UK financial markets and prevent arbitrary decision-making.

Government Response

The Minister acknowledges the importance of financial regulation accountability, highlighting the Government's vision for a globally competitive and technologically advanced financial sector. He notes that the Financial Services and Markets Bill updates regulators' objectives to support UK economic growth. The minister discusses existing mechanisms for judicial oversight and parliamentary scrutiny but emphasises the need for regulatory flexibility and efficiency. He commits to further measures in the Bill to strengthen accountability, including reporting requirements for the FCA and PRA on their performance, and promises ongoing engagement with industry concerns.