The UK should focus on regulation, fintech and green finance
The second reading of the Financial Services and Markets Bill in the House of Commons will take place on September 7, the day after Liz Truss took over as UK Prime Minister.
The bill covers the new regulatory framework following the UK’s departure from the EU and the City of London Corporation said it offers a once-in-a-generation opportunity to ensure the UK remains agile, connected and competitive.
Today comes the second reading of the bill on financial services and markets #FSMbill.
Read more about the opportunities this presents to increase the UK’s competitiveness in financial services. pic.twitter.com/A5XCfRzQCi
— City of London (@cityoflondon) 7 September 2022
City of London Corporation said in its blog: “The reforms offer a once-in-a-generation opportunity to ensure that the UK regulatory framework remains agile, coherent and competitive. Seizing this opportunity requires expert and professional regulators with adequate resources and effective oversight processes.”
Innovate Finance, representing the UK fintech sector, highlighted six key areas for the new Prime Minister and Government to focus on, including regulation.
We look forward to continuing to work with you @trussliz and the government.
We have outlined 6 key areas for the new Prime Minister and Government to focus on ✍️ 👇
🔗 https://t.co/nSzETxmT80#InnovateFinance #InnovateFinanceMembers #Høyrepartiet #FinTech #FinTechNews #FinTechIndustry— Innovate Finance (@InnFin) 7 September 2022
The Financial Services and Markets Bill could be bolder to support international competitiveness and establish the UK as a financial center for digital assets according to Innovate Finance.
For example, the UK does not yet have any “unicorn” companies in terms of crypto-assets, related exchanges and infrastructure, lagging behind the US. In addition, the US and Singapore are on the verge of leapfrogging the UK with regulatory frameworks for new technologies.
“Previous government plans to make the UK the best place to start and grow a crypto company need to be expanded to form a more comprehensive and coherent strategy, with an action plan and timetable,” Innovate Finance added. “It calls for immediate action on the immediate litmus test of workable rules for financial promotion to a roadmap for the digitization of capital markets and payments.”
UK SIF, a member organization for sustainable and responsible finance in the UK, said:
We look forward to working with the incoming Prime Minister @trussliz and Ministers in the coming years, particularly to ensure that together we can drive the UK’s leadership on sustainable finance.
— UKSIF (@UKSIF) 6 September 2022
Our congratulations to the new Minister of Finance @KwasiKwarteng on his appointment. We look forward to working together to deliver a competitive and world-leading financial sector that can support the UK’s clean energy transition.
— UKSIF (@UKSIF) 6 September 2022
The previous government had consulted on the UK’s Green Finance Strategy.
The Investment Associationit trade body for UK investment managers, so:
We welcome the appointment of the new chancellor @KwasiKwarteng. Our industry is committed to helping meet the objectives of the Financial Services and Markets Bill and unlocking further investment and growth in the UK, for the benefit of savers, businesses and UK households. pic.twitter.com/UTpkWgSykP
— The Investment Association (@InvAssoc) 6 September 2022
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