{"id":8800,"date":"2024-04-19T06:00:11","date_gmt":"2024-04-19T03:00:11","guid":{"rendered":"https:\/\/ch.jfdi.cc\/?p=8800"},"modified":"2024-04-19T06:00:11","modified_gmt":"2024-04-19T03:00:11","slug":"uk-financial-sector-seeks-stronger-accountability-of-regulators","status":"publish","type":"post","link":"https:\/\/ch.jfdi.cc\/?p=8800","title":{"rendered":"UK financial sector seeks stronger accountability of regulators"},"content":{"rendered":"<div><img decoding=\"async\" src=\"http:\/\/ch.jfdi.cc\/wp-content\/uploads\/2024\/04\/uk-financial-sector-seeks-stronger-accountability-of-regulators.jpg\" class=\"ff-og-image-inserted\"><\/div>\n<p><strong>A new sector-wide body could help ensure that Britain\u2019s financial regulators fully comply with their new remit of aiding international competitiveness when writing rules, an industry lobby group said on Thursday.<\/strong><\/p>\n<div class=\"cypru-video-ads\" id=\"cypru-1340586417\">\n<div id=\"cypru-156551263\" data-cypru-trackid=\"478051\" data-cypru-trackbid=\"1\" class=\"cypru-target\">\n<div id=\"gpt-ad-8961047696804-0\">\n<\/div>\n<\/div>\n<\/div>\n<p>Tougher competition in financial services \u2013 including from the European Union following Brexit, and from New York attracting UK company listings, has prompted the UK government to set out a welter of reforms to boost capital markets.<br \/>\nThis included giving the Financial Conduct Authority and the Bank of England\u2019s Prudential Regulation Authority a competitiveness objective.<br \/>\nIndustry is sceptical, however, that it will be fully applied when the planned reforms are being introduced, concerns the regulators have sought to dispel.<br \/>\nTheCityUK, which promotes the UK financial sector abroad, said that, after an initial rejection from government, one should revisit a proposal to form a new body to help scrutinise whether the FCA and PRA are applying the new remit.<br \/>\nThere appears to be a growing political consensus that some type of external body is required to provide expertise and a long-term strategic view on regulatory performance, TheCityUK said in a report in conjunction with law firm Freshfields on Thursday.<br \/>\nBruce Carnegie-Brown, chair of TheCityUK\u2019s leadership council and chair of Lloyd\u2019s of London insurance market, said the report calls for regulators to recognise their role in supporting Britain\u2019s international competitiveness.<br \/>\n\u201cWhat we need is efficiency, proportionality, and an understanding of the strengths and weaknesses in the context of an increasing number of global competitors,\u201d Carnegie-Brown said.<br \/>\nBim Afolami, Britain\u2019s financial services minister, said regulators have a \u201cvital role\u201d to play in facilitating the international competitiveness of the UK economy.<br \/>\n\u201cI strongly welcome today\u2019s report from TheCityUK and Freshfields which will help us benchmark and build on our performance,\u201d Afolami said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A new sector-wide body could help ensure that Britain\u2019s financial regulators fully comply with their new remit of aiding international competitiveness when writing rules.<\/p>\n","protected":false},"author":3,"featured_media":8801,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[1701,1902,47,2720,195,426,5047,2577,3,26,1763,3251,2404,7070,250,3330,415,1991,7072,187,7071,5679,3903,450,34,393,3331,3138,4671,3255,5062,4620,5837,1806,494,3885,380,2366],"class_list":["post-8800","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other","tag-accountability","tag-bank","tag-bank-of-england","tag-brexit","tag-britain","tag-competition","tag-competitiveness","tag-concerns","tag-cyprus","tag-economy","tag-efficiency","tag-england","tag-european-union","tag-financial-regulators","tag-google","tag-google-news","tag-government","tag-industry","tag-industry-lobby-group","tag-international","tag-international-competitiveness","tag-law","tag-law-firm","tag-london","tag-markets","tag-new-york","tag-news","tag-performance","tag-proposal","tag-reforms","tag-regulators","tag-report","tag-sceptical","tag-services","tag-uk","tag-uk-economy","tag-us","tag-writing"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"<!-- 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