Financial sector rules slacked by growth-seeking government

30 changes to financial services regulation are expected today

James Baxter-Derrington
clock • 2 min read

The government has announced a package of reforms of the financial sector in a bid to spur growth in the UK economy.

Bank ringfencing rules are set to be watered down in one change, so banks without major investment activities are released from the regime. The chancellor is also expected to issue new mandates to the Financial Conduct Authority and the Prudential Regulation Authority, setting out how they will help deliver growth and promote the international competitiveness of the UK. A widespread review is also planned to repeal hundreds of pages of European Union (EU) law, ranging from disclosure for financial products to prudential rules for banks. The government claims some of these EU rules ...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Regulation

Implications of the PRA's 2025 life insurance stress test

Implications of the PRA's 2025 life insurance stress test

A regulatory shift

Sheikh Yasir
clock 01 November 2024 • 4 min read
Industry reacts: Autumn Budget 2024

Industry reacts: Autumn Budget 2024

Missed opportunities for health

Cameron Roberts
clock 31 October 2024 • 5 min read
Autumn Budget 2024: OBR predicts rise in IPT haul

Autumn Budget 2024: OBR predicts rise in IPT haul

Rate unchanged by Chancellor

Cameron Roberts
clock 31 October 2024 • 2 min read