Source: Regtech Analyst
Amendments to the Financial Services and Markets Bill has put the UK’s financial regulatory watchdogs in the spotlight as Parliament seeks to boost their accountability.
This move comes as a response to growing concerns over regulatory scrutiny in the post-Brexit era, where the UK’s regulators, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA), have inherited significant powers.
The City is perceived to be lagging behind its global counterparts due to the ramifications of certain regulatory decisions. These concerns have sparked a slew of proposals aiming to enhance the accountability of the PRA and FCA. Among these is the introduction of a competitiveness mandate for the regulators, an essential reform proposed by the Bill. The government has introduced measures to enforce this mandate, mandating the regulators to report twice to the Treasury on their compliance with the duty to advance competitiveness and growth…
Read full article: https://member.regtechanalyst.com/is-a-shakeup-of-the-uks-financial-regulatory-framework-on-the-horizon/
