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UK Financial Sector Advocates Enhanced Regulatory Accountability

 |  April 18, 2024

Finance industry advocates in the UK are pushing for a sector-wide body to ensure financial regulators adhere to their new mandate of enhancing international competitiveness. Amidst rising competition, particularly from the EU and New York, the call for enhanced oversight comes as the UK government implements reforms aimed at strengthening capital markets.

TheCityUK, a leading industry lobby group, has called on authorities to reconsider a previously rejected proposal for external scrutiny of regulatory performance. Emphasizing the need for regulators to recognize their role in boosting competitiveness, stakeholders are seeking a strategic approach to regulatory governance.

Sarah Pritchard, of the Financial Conduct Authority, has reaffirmed the watchdog’s commitment to transparency but warned against solely prioritizing competitiveness. Meanwhile Bim Afolami, Britain’s Financial Services Minister, welcomed the proposal as a means to benchmark and bolster regulatory performance, highlighting regulators’ vital role in driving UK economic competitiveness.

As discussions unfold, attention will turn to striking a balance between competitiveness and regulatory integrity to safeguard Britain’s financial standing on the global stage.

Source: CA Finance Yahoo