27
October
2022
|
22:33
Europe/Amsterdam

Lord Mayor stresses importance of delivering on Financial Services and Markets Bill

Lord Mayor of the City of London, Vincent Keaveny, will tonight (27 October) deliver a speech at the City Dinner at The Mansion House to an audience of senior regulators and representatives from across the financial and professional services industry.

The Lord Mayor will speak alongside Sam Woods, Deputy Governor of the Bank of England and Chief Executive of the Prudential Regulation Authority, and Nikhil Rathi, Chief Executive of the Financial Conduct Authority.

An extract from the Lord Mayor’s speech is found below. Please check against delivery.

“Rather than being a barrier, regulation is a key enabler of growth. The UK gains competitive advantage by having high regulatory standards.

“After leaving the European Union, the image in the popular imagination was one of a bonfire of regulation. I want to stress that we’re not going to be setting alight to any swathes of financial regulation tonight.

“But we must ensure that we take the best of what works from all around the world and use that to improve our own system, like increasing the speed of FCA authorisation turnaround times which will, in turn, require increased capacity and resources.

“The City of London Corporation has been working very closely alongside the Government on their new Financial Services and Markets Bill. Alongside our Policy Chairman, Chris Hayward, I have been discussing the Bill with Government representatives ever since it was introduced, especially the secondary objective that outlines regulators must support growth.

“I know that the City Corporation is absolutely behind this measure. Importantly, it also makes clear that consumer protection, competition and financial stability should remain the clear primary focus of regulators.

“I think it’s right – considering our financial services sector employs over a million people and is responsible for almost ten percent of the UK’s economic output – that we have a responsibility to build on our foundations.”

ENDS

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