Future of Financial Services

Treasury Committee Closed Inquiry
Opened: 20 Nov 2020 Closed: 1 Nov 2022 Parliament page
This inquiry will look at the future of financial services after the Brexit transition period ends. It will examine how financial services regulations should be set and scrutinised by Parliament, as EU directives will cease to govern new rules and regulations. It will also consider how regulators are funded and … Read more
13 Recommendations
32 Conclusions
3 Reports
5 Letters
9 Events
Activity timeline 19 events
7 Sep
2022
Report published
6 Sep
2022
Correspondence
23 Jun
2022
Report published
16 Jun
2022
Report published
25 Apr
2022
Correspondence
25 Apr
2022
Correspondence
10 Mar
2022
Correspondence
2 Mar
2022
Formal meeting (oral evidence session) · The Grimond Room, Portcullis House
21 Feb
2022
Formal meeting (oral evidence session) · The Grimond Room, Portcullis House
17 Jan
2022
Formal meeting (oral evidence session) · Room 8, Palace of Westminster
6 Dec
2021
Formal meeting (oral evidence session) · Room 16, Palace of Westminster
25 Oct
2021
Formal meeting (oral evidence session) · Room 5, Palace of Westminster
Recommendations & Conclusions
2 results
Clear
18 Conclusion Accepted in Part
First Report - Future of financial…
We expect the regulators to prioritise changes where the cost for consumers is lowest in...
We expect the regulators to prioritise changes where the cost for consumers is lowest in comparison to the benefit. Regulators’ approaches to assessing the marginal impact of new policies is already well-developed. We therefore believe that the creation of a … Read more
Government Response
The government acknowledges concerns about regulators' cost-benefit analysis and proposes establishing CBA panels but does not agree that the panels would impact the regulators' independence.
HM Treasury
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23 Recommendation Accepted in Part
First Report - Future of financial…
The Prudential Regulation Authority should consider where there is more that can be done to...
The Prudential Regulation Authority should consider where there is more that can be done to reduce the advantages from which large banks and insurers benefit through modelling their own capital requirements. The purpose of doing so would be not only … Read more
Government Response
The government agrees with simplifying the regulatory framework, citing the "Strong & Simple" initiative and insurance reporting simplifications, and highlights planned enhancements to cost-benefit analysis, but does not specifically address reducing advantages from modelling capital requirements.
HM Treasury
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Government Response AI assessment · 25 of 13 classified
Accepted 6
Accepted in Part 2
Acknowledged 16
Deferred 1
Total 13 recs + 32 conclusions
Correspondence 5 letters
6 Sep 2022 To committee Letter from the Economic Secretary to the Treasury, relating to proposals for a “have regard” for financial inclusion for the Financial Conduct Authority, dated 25 July
Parliament page
25 Apr 2022 To committee Letter from the Economic Secretary to the Treasury, relating to the ‘Future of Financial Services’ session on 2 March regarding sanctions, dated 1 April
Parliament page
25 Apr 2022 To committee Letter from the Economic Secretary to the Treasury, relating to the ‘Future of Financial Services’ session on 2 March regarding financial services, dated 1 April
Parliament page
10 Mar 2022 To committee Letter from John Glen relating to sanctions following the Committee's evidence session on the ‘Future of financial services’, dated 4 March 2022
Parliament page
20 Oct 2021 To committee Letter from Lloyds following evidence given to TSC, regarding the future of financial services, dated 13 October 2021
Parliament page