City Corporation responds to the Chancellor’s plan for UK financial regulation
Today the Chancellor set out a consultation on the Government’s plans for a new framework for the UK's financial regulators. The Future Regulatory Framework (FRF) Review will consider how the financial services regulatory framework should adapt to be fit for the future and reflect the UK’s new position outside of the European Union.
This follows the Chancellor’s speech at Mansion House earlier this year, where he laid out a roadmap for financial services that would focus on innovation, sustainability, openness and competitiveness.
Responding to the news, City of London Corporation Policy Chair Catherine McGuinness, said:
“We support the vision set out by the Chancellor for a new framework for the UK’s financial regulators to facilitate the long-term growth and international competitiveness of the UK economy.
“This aligns with the recommendations put forward by the sector to ensure the regulatory regime remains fit for purpose now that we have left the EU. It is crucial that our regulatory system is agile and dynamic – while maintaining high standards – as the UK makes its way as an independent trading nation. In particular, we welcome the Chancellor’s proposals to strengthen scrutiny and formalise the focus on international competitiveness.
“As an engine of growth, the sector creates jobs and spreads prosperity right across the UK. The regulators will have a critical role in ensuring that we remain competitive over the long-term. We look forward to working with them and the Government to deliver on this vision.”
Notes to editors
About the City of London Corporation
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. www.cityoflondon.gov.uk