City Corporation responds to review into future financial services regulation

In a speech at the Bankers’ and Merchants’ Dinner tonight at Mansion House, Chancellor Philip Hammond announced the launch of a review into the future of financial services regulation.

Catherine McGuinness, Policy Chair at the City of London Corporation, said:

“We welcome the Chancellor’s review into the future of financial services regulation and look forward to contributing the City’s views.

“The ongoing uncertainty about our relationship with the European Union is deeply concerning. We must avoid a damaging cliff-edge and create a positive foundation from which to negotiate our future relationship. But whatever the outcome of Brexit, it is right that we secure a forward-looking regulatory framework which maintains the UK’s competitive edge by enabling the sector to be innovative and dynamic. It also needs to strike a balance by continuing to deliver appropriate accountability, transparency and consumer protection.

“One of the great strengths underpinning the success of the UK financial services sector has been its world-leading regulatory framework. As we look forward, it is vital that regulation keeps pace with a fast-changing world after Brexit and beyond.”

Notes to editors

The City of London Corporation is the governing body of the Square Mile dedicated to a vibrant and thriving City, supporting a diverse and sustainable London within a globally-successful UK.