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
19 Recommendations
26 Conclusions
3 Reports
5 Letters
9 Events
Activity timeline 10 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
20 Oct
2021
Correspondence
20 Sep
2021
Report published
6 Jul
2021
Report published
Recommendations & Conclusions
8 results
Clear
6 Conclusion Deferred
Fifth Report - The Future Framewor…
It is not clear to what extent the Treasury wishes to implement activity-specific regulation.
It is not clear to what extent the Treasury wishes to implement activity-specific regulation. While the proposal is a key aspect of the Treasury’s future framework consultation, when we asked the Economic Secretary whether the Treasury The Future Framework for … Read more
Government Response
The government is considering the committee's conclusions alongside consultation responses and will bring forward detailed proposals in a second consultation in the autumn, thus deferring a detailed response.
HM Treasury
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7 Recommendation Deferred
Fifth Report - The Future Framewor…
If done with a deft approach, there may be a role for activity-based principles or...
If done with a deft approach, there may be a role for activity-based principles or “have regards” to allow the Government to instruct the regulators, at a more micro level, how it wishes them to approach specific types of business … Read more
Government Response
The government defers a detailed response, stating it is considering the recommendations alongside consultation responses, and will bring forward detailed proposals in a second consultation in the autumn.
HM Treasury
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8 Conclusion Deferred
Fifth Report - The Future Framewor…
Regulating a company as a whole rather than by activity carried out should provide greater...
Regulating a company as a whole rather than by activity carried out should provide greater flexibility to regulators to respond to new activities as they develop, rather than needing new activity-specific principles or frameworks each time a new activity emerges. Read more
Government Response
The government is considering the committee's recommendations alongside consultation responses and will bring forward detailed proposals in a second consultation in the autumn, thus deferring a detailed response.
HM Treasury
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9 Conclusion Deferred
Fifth Report - The Future Framewor…
We will only be able to conclude with more certainty on the merits or risks...
We will only be able to conclude with more certainty on the merits or risks of activity- based regulation once the Government provides more details on their proposals in its next consultation.
Government Response
The government states it is considering the recommendations and will bring forward detailed proposals in a second consultation in the autumn, therefore deferring a detailed response until then to avoid prejudging the consultation.
HM Treasury
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18 Recommendation Deferred
Fifth Report - The Future Framewor…
The House could, if it thought it necessary to increase the capacity and broaden the...
The House could, if it thought it necessary to increase the capacity and broaden the expertise of the Treasury Committee in order to undertake scrutiny of financial services, expand the facility under Standing Order No 137A(1)(e) for non-members of the … Read more
Government Response
The government notes the committee's conclusion and reiterates that the appropriate structure for parliamentary scrutiny, including expanding committee facilities, is a matter for Parliament itself to consider.
HM Treasury
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19 Conclusion Deferred
Fifth Report - The Future Framewor…
The House might also consider increasing the resources available to the Committee if it were,...
The House might also consider increasing the resources available to the Committee if it were, as we anticipate, to expand its existing responsibility for the scrutiny The Future Framework for Regulation of Financial Services 29 of financial services. Although the … Read more
Government Response
The government redirected the recommendation, stating that the appropriate structure for parliamentary scrutiny is a matter for Parliament itself to consider.
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20 Conclusion Deferred
Fifth Report - The Future Framewor…
We will continue to maintain an open mind as to how best to scrutinise the...
We will continue to maintain an open mind as to how best to scrutinise the significant flow of financial services proposals that will be made by the regulators, and we look forward to engaging constructively with the Government and with … Read more
Government Response
The government deferred a detailed response, stating it is considering the committee's views alongside an ongoing consultation and will bring forward detailed proposals in a second consultation in the autumn, not wishing to pre-judge it.
HM Treasury
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14 Recommendation Deferred
First Report - Future of financial…
The Treasury and regulators should publish a forward-looking schedule of approximately when they expect each...
The Treasury and regulators should publish a forward-looking schedule of approximately when they expect each EU financial regulatory file to move across to the regulatory rulebooks, including timelines for consultation, and when they expect the overall project to conclude. This … Read more
Government Response
The government notes the recommendation and recognizes the need to set out further information on the process of moving from retained EU law to a comprehensive FSMA model, indicating that it expects to do so in due course.
HM Treasury
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Government Response AI assessment · 45 of 19 classified
Accepted 7
Accepted in Part 2
Acknowledged 23
Deferred 8
Not Addressed 5
Total 19 recs + 26 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 financial services, 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 sanctions, 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