Commons Sense

House of Commons · Written Ministerial Statement

Financial Services

09 December 2022 · Treasury

Proposed by Jeremy Hunt Con Godalming and Ash

Business & Trade

Summarised by AI from the official record, so it can contain mistakes.

View on Parliament.uk

At a glance

Key points

  • Reforms aim to boost growth and competitiveness in the UK's financial services sector.
  • Measures include updating banking regulation and improving regulatory frameworks.
  • The FSM Bill introduces new secondary objectives for regulators to prioritize.

Issue summary

The statement outlines reforms for the UK's financial services sector, focusing on boosting growth and competitiveness.

Action requested

The government is implementing measures to update banking regulation, improve regulatory frameworks, support sustainable finance, and enhance technological innovation in the sector. The FSM Bill will introduce new secondary objectives for regulators to focus on growth and international competitiveness while maintaining existing primary objectives.

Key facts

  • Financial services employ over 2.3 million people across the UK.
  • In 2021, financial services contributed £173.6 billion to the UK economy (8.3% of total output).
  • The government plans to amend the Building Societies Act 1986 to allow building societies greater flexibility in raising wholesale funds.
  • HM Treasury is working on reforms to corporate governance and Solvency II to enhance public markets attractiveness, unlocking over £100 billion for UK insurers.
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