Chancellor Rachel Reeves has called on industry watchdogs to “tear down” regulatory barriers that hold back economic growth at a summit in the Treasury as FTAdviser reports.
It’s very interesting that in the minds of the Treasury, we are in an era of deregulation when advisers up till now may well feel the opposite is very much the case. But is change coming?
The FCA has answered the call – as Money Marketing reports the FCA says it will remove unnecessary regulations and relax some of the rules firms must adhere to in response to the UK government’s calls to remove barriers to economic growth.
The FCA made the pledge in a letter to the prime minister, which sets out regulatory reforms to boost the economy.
The FCA is set to relax some of its reporting requirements and cut some rules from its handbook as it responds to the government’s call to help improve the growth of the UK economy.
Citywire notes that Nikhil Rathi, the FCA’s CEO, was responding to a Christmas Eve letter from prime minister Keir Starmer, which asked several different regulators to suggest reforms to help with the growth of the UK economy.
In the letter, Rathi said the FCA will work with the government ‘in a fundamentally different way to support the growth mission’ and laid out a series of possible reforms to help with this agenda.
Citywire says it will mean less onerous reporting for 16,000 firms and some reduction on Consumer Duty requirements. It feels as if it could be significant.
The Protection Coach has launched two training courses to address the training gaps in the UK protection industry amongst other advisers, including wealth advisers, as Professional Adviser reports.
Corporate Adviser reports growing criticisms of government plans for pension mega funds.
This sentence seems to be at the crux of the debate.
“Many raise concerns over the £25bn minimum fund size, warning it could stifle competition and disadvantage smaller or niche funds arguing that it “isn’t necessarily going to drive additional investment diversification or deliver better saver returns”.”
