Campaign group pushes for Leeds Reforms parliamentary inquiry and pause

18-page open letter

Campaign group the Transparency Task Force has called for urgent parliamentary intervention on Chancellor Rachel Reeves’ Leeds Reforms, warning that financial services changes represent the “most significant rollback of post-Global Financial Crisis protections, ever”.

The organisation has written to Treasury Committee chair Meg Hillier urging immediate parliamentary scrutiny of the reforms announced yesterday, which included a review of the Senior Managers and Certification Regime (SMCR) and a raft of redress system tweaks. "What we are witnessing is not technical regulatory adjustment but regulatory amnesia in relation to the lessons learned from the 2008 financial crisis," said Transparency Task Force founder Andy Agathangelou. "The apparent coordination between HM Treasury and supposedly independent regulators reveals a system of regulatory capture...