Stakeholder Reaction: Financial Services the Edinburgh Reforms

Please see below for stakeholder reaction to the Edinburgh Reforms

Keith Skeoch, Chair of the Independent Panel on Ring-Fencing and Proprietary Trading:

"I am very pleased and supportive of the Review's recommendations being taken forward by the government. It is a balanced package of reforms that prioritises appropriate financial stability safeguards while improving the flexibility and proportionality of the ring-fencing regime."

David Postings, Chief Executive, UK Finance said:

“The banking and finance industry is the engine of our economy, delivering jobs and investment up and down the country. The comprehensive package of reforms the Chancellor has announced today, coupled with the landmark Financial Services and Markets Bill, form a major step in ensuring the sector remains strong and internationally competitive. We will continue to work with the government in supporting the economy through the current challenges and in creating growth for the future.”

Hannah Gurga, Director General, Association of British Insurers (ABI) said:

“The combination of progressing the Financial Services and Markets Bill and the reforms to the regulatory landscape mark a significant moment to boost the UK’s position as a world leader in financial services. We support the move to encourage economic growth and to promote the UK as a place to invest and innovate. On behalf of the insurance and long-term savings sector, we’ll continue to work with Government and the regulators on the next steps to ensure meaningful changes are achieved.”

Chris Cummings, CEO, the Investment Association said:  

“The Investment Association shares the Government’s vision for an open, sustainable and internationally competitive financial services industry that serves the interests of communities and citizens. Today’s Edinburgh Reforms are a very welcome acknowledgment of the need for reform to boost the UK’s place as a leading global financial services hub, and importantly, recognises the place of investment management at its heart. We will work with government to ensure these necessary and positive reforms bolster the UK’s global attractiveness for investment management so our industry can play its part as an engine of growth and financial resilience.

“Building a regulatory framework that is fit for the future is now imperative and we welcome the Chancellor’s commitment. It is essential that the FCA and PRA hone their focus on competitiveness and economic growth if the UK is to retain its position as the preeminent international financial centre and continue to attract high levels of investment. Specific reforms including a review of PRIIPs rules and implementation of the Wholesale Markets Review will help to improve the way that the market works and the service we can offer investors. We look forward to seeing rapid progress in these vital areas, and we look forward to working with regulators and the government into the New Year.”

Stephen Bird, CEO, abrdn said:

“As a global investment company abrdn is a vocal advocate of the strengths of the UK as a financial centre, and those of Scotland in particular, but the world is moving fast and we must pick up the pace of reform to win back our place in a competitive world. We therefore welcome today’s announcement with its clear focus on competitiveness and future success of the UK financial services sector.  Financial services is a critical enabler of any growth economy, we gather capital and put it to work to create better schools, hospitals and homes and when invested wisely we assist in the long term provision for the futures of this and the next generation.  We need to see a mentality shift in the country overall that encourages innovation and partnership that delivers better outcomes for all citizens.  Regulation is important as a protection for all of us but it has to be simpler and more thoughtfully designed to deliver the right outcomes with less bureaucracy.”

Irene Graham OBE, CEO, ScaleUp Institute said:

"It is positive that the Government is continuing to implement the recommendations of the Listings Review, and taking forward wider measures intended to unlock institutional investment into the real economy and ensure support to our innovative and international growth businesses. Scaleups contribute to every area of the UK and are across all sectors. These wide-ranging reforms should assist access to the long-term UK patient capital so needed."

Ben Ruffels, Head of Public Affairs, Checkout.com said: 

“We welcome the government’s continuing focus on supporting innovation in financial services, and encouraging the adoption of cutting-edge technology. Fintech companies like Checkout.com are helping businesses across the UK to innovate, protect and boost their revenues, and deliver a vastly better experience for their customers. In challenging economic times, embracing these technological benefits through well-calibrated regulation will enable businesses to thrive and help drive the UK digital economy.”