Commons Sense

Hansard-based summaries and metrics

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Financial Services

09 December 2022

Proposing MP
Jeremy Hunt Con
Godalming and Ash
Type
Written Ministerial Statement
Department
Treasury
View on Parliament.uk -->

At a Glance

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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