MPs warn government against weakening of financial regulation standards

Opportunities for simplification

clock • 2 min read
MPs said that there will be opportunities to seek regulatory simplification while being mindful of continued compliance with global standards.
Image:

MPs said that there will be opportunities to seek regulatory simplification while being mindful of continued compliance with global standards.

The Treasury Committee has urged the government not to weaken the UK’s regulatory standards for the financial services sector, in a report published today (16 June).

As regulators gain new powers following the UK's departure from the EU, the committee, made up of cross-party MPs, said the Treasury should respect regulatory independence and not pressure them to "weaken" or "water down" financial regulation standards. MPs said that while Brexit should not in itself be the cause of instant or dramatic changes to financial services regulation, there will be opportunities to seek simplification while being mindful of continued compliance with global standards.  "The financial services sector is at a turning point, with regulators taking on new powers f...

To continue reading this article...

Join Investment Week

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Regulation

Trustpilot