Britain's regulators lack the mindset to boost growth and the financial sector's global competitiveness, and need parliamentary backing to accept more risk when applying rules, the City of London said on Wednesday.

Chris Hayward, policy leader at the City, which administers the capital's financial district, said that a new public-private body is needed to attract foreign investment.

The sector is worried about its competitiveness after being largely cut off from the European Union since Brexit, and as UK companies choose to list in New York.

In response to this, the Financial Conduct Authority (FCA) and the Bank of England's Prudential Regulation Authority have been given a secondary objective of aiding growth and the financial sector's international competitiveness when writing rules, but there is scepticism it will make a difference.

"I don't think the FCA in particular, the regulators generally, culturally have found it within their psyche to really promote risk taking, taking opportunities to promote growth, being flexible," Hayward told the House of Lord's financial services regulation committee....

 

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