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In response, Policy Chairman at the City of London Corporation, Chris Hayward, said:
“The reforms outlined today are a positive step and we particularly welcome the Government’s focus on sustainable finance and innovation.
“Financial and professional services are an asset to the whole UK.
“The sector drives growth, supports investment, and accounts for more than 2.3 million jobs across the country – two thirds of which are outside of London.
“A world-leading regulatory regime is both crucial for the industry’s international competitiveness and for consumer protection.
“Good growth and good regulation are two sides of the same coin, fuelling job creation in the UK and beyond.
“The Financial Services and Market Bill offers an opportunity to deliver agile, flexible and proportionate regulation that works in the interests of British households and businesses.
“We will work with the Government to ensure these reforms deliver positive outcomes and high standards across the City.”