City of London Corporation responds to publication of Financial Services and Markets Bill

The UK Government has today (20 July) published the Financial Services and Markets Bill.

In response, the City of London Corporation’s Policy Chairman, Chris Hayward, said:

“The Financial Services and Markets Bill is an opportunity to ensure the UK’s world-leading financial and related professional services ecosystem remains open, competitive, innovative and attractive to global talent.

“This is vital as the sector employs 2.3 million people across the country, with two-thirds of these jobs outside of London. It plays a key role in driving growth, support investment and facilitating trade.

“The UK must have a world-leading regulatory regime with high standards to remain competitive on the global stage. That is why we welcome the introduction of a new secondary objective for the financial regulators to promote growth and international competitiveness, as confirmed by the Chancellor in his speech at the Mansion House last night.

“This approach will support the UK Government’s broader economic policy and is in line with regulatory objectives in other overseas jurisdictions. It also makes clear that competition, consumer protection and financial stability should remain the clear primary focus of regulators.

“Our State of the Sector report – which will published in partnership with HM Treasury today – draws on widespread consultation and robust metrics to highlight a number of opportunities to strengthen the sector’s competitiveness. 

“We will work with the Government to ensure the proposals benefit households, consumers and businesses while also ensuring the sector’s competitiveness.”

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. www.cityoflondon.gov.uk