A ShareSoc news item by ShareSoc Director Cliff Weight
ShareSoc and UKSA submitted a joint response on 19th February 2021. In summary we said:
- A long history of regulatory failures demonstrates serious deficiencies in the way financial services are currently regulated.
- The UK’s departure from the EU means that the UK can now set its own financial services rules, untrammelled by the views of 27 other countries.
- We believe that major changes are required, particularly in the following areas:
- Making the best outcome for the consumer the prime objective of the regulatory system.
- Removing the revolving door where senior employees of the regulator move to employment in the financial services sector and related lobbying and consulting firms.
- Replacing long detailed regulations which can easily be gamed by financial services providers with tough principles that are properly enforced.
- The body of our response expands upon these recommendations.
- From a commercial viewpoint we explain how the financial services industry could find a large market in the world outside the EU, USA and China, provided the environment encourages innovation.
The full response is available here: