Financial Services Sector Regulatory Framework 2023-05-09
2023-05-09
TAGS
Response quality
Questions & Answers
Q1
Partial Answer
▸
Context
The Edinburgh reforms aim to maintain the UK's position as a global financial centre while ensuring robustness in face of market shocks.
What steps his Department is taking to improve the regulatory framework of the financial services sector. The culture and performance of regulators are key considerations for firms investing in the UK. What specific steps will he take to introduce KPIs for financial regulators under the Financial Services and Markets Bill? Are there measures being added to strengthen independent scrutiny?
The Government published a call for proposals on metrics for regulator performance measurement today. They support transparency and appropriate public measures for scrutinizing regulators' work, responding to industry and parliamentary interest. The Government are clear about the need for greater accountability with power.
▸
Assessment & feedback
Specific KPIs and measures under the Financial Services and Markets Bill were not detailed.
Response accuracy
Q2
Partial Answer
▸
Context
The culture and performance of regulators influence firms' investment decisions in the UK. The new growth and competitiveness objective requires clear metrics for scrutiny.
What steps is he going to take to introduce key performance indicators for financial regulators to report on their delivery against the new growth and competitiveness objective? Is he considering adding any measures to the Bill that would strengthen independent scrutiny of regulators?
The Government published a call for proposals on metrics today, supporting transparency and appropriate public measures for scrutinizing regulators' work. They welcome industry and parliamentary interest in this matter but did not specify any concrete KPIs or additional measures to the Bill.
▸
Assessment & feedback
Did not provide specific KPI details or mention additional measures in the Bill.
Response accuracy
Q3
Partial Answer
▸
Context
Permanent mutual shares would provide financial mutuals with a new safe route to access capital needed for expansion without demutualising.
Will the Minister explain why the Treasury is still dragging its feet on introducing permanent mutual shares, which would allow financial mutuals such as Royal London or Liverpool Victoria to expand safely and efficiently?
The Treasury is not dragging its feet. The sector has been supported through reforms, including Law Commission work to enhance commercial freedom and diversity. The Minister remains open to discussions with representatives from the sector.
▸
Assessment & feedback
Explanation for delay in introducing permanent mutual shares was vague.
Response accuracy