The Treasury Sub-Committee on Financial Services Regulations
publishes a report detailing its work to date.
The Sub-Committee was established in June to examine changes to
regulatory proposals. It scrutinises proposals which are open for
consultation from the Financial Conduct Authority (FCA), the Bank
of England, the Prudential Regulation Authority (PRA) and the
Payment Systems Regulator (PSR).
The report outlines how the Sub-Committee scrutinises proposals,
which proposals have been examined since its establishment, and
its working methods.
The Sub-Committee has so far held hearings on proposals to
mandate banks to reimburse victims of authorised push-payment
scams, and on changes to bank and building society capital
requirements as part of the PRA’s ‘Strong and Simple Framework’.
It has conducted scrutiny of a number of other proposals through
written correspondence.
The Sub-Committee this month wrote to the PRA on its review of
Solvency II, which would change the reporting requirements
required from firms. It also wrote to the FCA on plans to tighten
regulations around sustainability labelling - which would raise
the criteria an investment fund needs to meet before it can
describe itself as ‘sustainable’ - and on proposals to broaden
access to financial advice.
Commenting on the report, , Chair of the Treasury
Sub-Committee on Financial Services Regulations, said:
“With the UK’s financial regulators gaining greater powers since
our exit from the European Union, and with the Government keen to
make the most of the new opportunities this has brought, our
Sub-Committee is conducting vital scrutiny of proposed regulatory
changes in Westminster, rather than in Brussels.”
