Chancellor Jeremy Hunt is unveiling a 30-point package of City policy changes on Friday that rows back on regulations to boost competition and growth.
- Jeremy Hunt to outline plans for shake-up of City regulation
Here’s ITV’s Joel Hills on the government’s financial reforms:
The Treasury has announced its reforms to the financial services industry, which it says will taking forward its ambition for the UK to be “the world’s most innovative and competitive global financial centre.”
Reforming the Ring-Fencing Regime for Banks
Issuing new remit letters for the PRA and FCA with clear, targeted recommendations on growth and international competitiveness
Publishing the plan for repealing and reforming EU law using powers within the FSM Bill, building a smarter regulatory framework for the UK
Overhauling the UK’s regulation of prospectuses
Reforming the Securitisation Regulation
Repealing the Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulation, and consulting on a new direction for retail disclosure
Intending to repeal EU legislation on the European Long-Term Investment Fund (ELTIF), reflecting that the new UK Long-Term Asset Fund (LTAF) provides a better fund structure for the UK market
Launching a Call for Evidence on reforming the Short Selling Regulation
Publishing a draft Statutory Instrument to demonstrate how the new powers being taken forward in the FSM Bill will be used to ensure that the FCA has sufficient rulemaking powers over its retained EU payments legislation
Consulting on removing burdensome customer information requirements set out in the Payment Accounts Regulations 2015
Welcoming the PRA consultation on removing rules for the capital deduction of certain non-performing exposures held by banks
Bringing forward secondary legislation to implement Wholesale Markets Review reforms
Establishing an Accelerated Settlement Taskforce
Committing to establish the independent Investment Research Review
Commencing a review into reforming the Senior Managers & Certification Regime in Q1 2023
Committing to having a regime for a UK consolidated tape in place by 2024
Consulting on issuing new guidance on Local Government Pension Scheme asset pooling
Increasing the pace of consolidation in Defined Contribution pension schemes
From April 2023, improving the tax rules for Real Estate Investment Trusts
Announcing changes to the Building Societies Act 1986
Delivering the outcomes of the Secondary Capital Raising Review
Consulting on reform to the VAT treatment of fund management
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