House of Commons Treasury Committee
Future of Financial Services Enquiry
Consultation Response

A ShareSoc news item by ShareSoc Director Cliff Weight

ShareSoc and UKSA submitted a joint response on 19th February 2021. In summary we said:

  1. A long history of regulatory failures demonstrates serious deficiencies in the way financial services are currently regulated.
  2. 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.
  3. 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.
  4. The body of our response expands upon these recommendations.
  5. 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:

Treasury-Committee-Future-of-Financial-Services-UKSA-ShareSoc-Response

One comment
  1. Neil Taylor says:

    Excellent piece of work ShareSoc. The FCA is ineffective and should have independant status. It needs teeth,resources and strength to act and act quickly. I like the ideal of a principle base set of rules, around fair and equitable regulation for consumers and customers who use financial service providers, we can all relate to this. To many cowboys says Elizabeth Gloster, she is of course right. Ponzi schemes in mini bonds, imposters and scammers, cheats and crooks, they are ever present in the Financial Services sector today.

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