The Lord Mayor speaks alongside Sam Woods, Deputy Governor of the Bank of England and Chief Executive of the Prudential Regulation Authority, and Nikhil Rathi, Chief Executive of the Financial Conduct Authority.
“Rather than being a barrier, regulation is a key enabler of
growth. The UK gains competitive advantage by having high regulatory
standards.
“After leaving the European Union, the
image in the popular imagination was one of a bonfire of regulation. I
want to stress that we’re not going to be setting alight to any swathes
of financial regulation tonight.
“But we must ensure
that we take the best of what works from all around the world and use
that to improve our own system, like increasing the speed of FCA
authorisation turnaround times which will, in turn, require increased
capacity and resources.
“The City of London
Corporation has been working very closely alongside the Government on
their new Financial Services and Markets Bill. Alongside our Policy
Chairman, Chris Hayward, I have been discussing the Bill with Government
representatives ever since it was introduced, especially the secondary
objective that outlines regulators must support growth.
“I
know that the City Corporation is absolutely behind this measure.
Importantly, it also makes clear that consumer protection, competition
and financial stability should remain the clear primary focus of
regulators.
“I think it’s right – considering our
financial services sector employs over a million people and is
responsible for almost ten percent of the UK’s economic output – that we
have a responsibility to build on our foundations.”
Corporation of London
© Corporation of London
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