Some thoughts from the London Market Group;
Caroline Wagstaff, CEO of the London Market Group commented: “For the UK’s financial services sector to compete and thrive on the global stage, we need a more tailored and proportionate approach to regulation. So, it is very pleasing to see this theme as a golden thread running through this important report.
“The Committee’s comprehensive and actionable recommendations are a result of thorough evidence gathering and clear thinking about how regulators can shift their operations and culture to support growth and competitiveness. The regulators have positively responded to their new competitiveness and growth objective. However, as the Committee highlights, there remains much more to do.
“The London Market Group has been a long-standing advocate for metrics and measurement. Both are critical to understanding whether change is being delivered and having an impact. The Committee’s recommendation that H.M. Treasury introduce outcome-based growth metrics is very welcome. Equally important is more transparency on reporting by the regulators and a review of their statutory operating metrics.
“Our members have for a long time highlighted the cumulative burden of regulation, so the recommendation of an independent study to assess the cost of compliance relative to other international jurisdictions is very welcome. Businesses have choices about where they put capital and people, and understanding of relative costs is critical.
“Making sure the UK regulatory environment is both robust and supportive is always going to be a work in progress and, as the Committee has rightly said, requires a culture of continuous improvement. We therefore welcome the ongoing scrutiny the Committee intends to take over the course of the parliament, this will help ensure that the regulators help to deliver a high-quality and globally competitive financial services sector.”
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