Extract from Lords debate on Better Regulation - Dec 7
Friday, 8 December 2017 07:05
Baroness Neville-Rolfe (Con):...Having said all that, the new
financial services regime is much better than it was in the FSA
era. The FCA and the PRA are now in effect part of the Bank of
England and can attract better staff as a consequence. They are
more strategic and did well in the weeks after the Brexit vote. The
FCA has rightly been praised for its work on FinTech, with the
regulatory sandbox providing a light regulatory regime for
start-ups, which has impressed internationally....Request free trial
(Con):...Having said all that, the new financial services
regime is much better than it was in the FSA era. The FCA and the
PRA are now in effect part of the Bank of England and can attract
better staff as a consequence. They are more strategic and did well
in the weeks after the Brexit vote. The FCA has rightly been
praised for its work on FinTech, with the regulatory sandbox providing a
light regulatory regime for start-ups, which has impressed
internationally. They now face a new difficulty: the need to secure
some form of bespoke deal in the Brexit context. Because of the
importance of a Brexit deal for financial services, there is no
appetite for lighter regulation. Indeed, I worry that the rules
could end up being more onerous. The risk then must be that global
operators will decide to move business to New York or Singapore. We
need to be a force for good in regulation in the EU while we remain
in it, and in supranational discussions and bodies thereafter. Our
influence is important...
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