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
5 results
Clear
2 Conclusion Not Addressed
Fifth Report - The Future Framewor…
The Treasury consultation alluded to certain UK-derived rules that are set out in UK statute,...
The Treasury consultation alluded to certain UK-derived rules that are set out in UK statute, and it suggested that regulators might be constrained as a result. But we found that the regulators did not appear to feel constrained by the … Read more
Government Response
The government noted the committee's view on EU on-shored law but did not directly address the conclusion regarding whether domestically-derived rules need to be included in the exercise of moving rules out of statute.
HM Treasury
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3 Recommendation Not Addressed
Fifth Report - The Future Framewor…
We understand the need for Treasury Ministers to be well informed of the regulators’ policy...
We understand the need for Treasury Ministers to be well informed of the regulators’ policy intentions as a matter of routine. However, we have not been provided with compelling evidence to justify changing the law to allow Ministers the absolute … Read more
Government Response
The government acknowledges the Committee's concerns that its proposals might damage regulatory independence, affirming the importance of independence and the need for balance. However, the response does not explicitly commit to refraining from changing the law as recommended.
HM Treasury
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4 Recommendation Not Addressed
Fifth Report - The Future Framewor…
The Treasury has in the past been able to delay policies in the interests of...
The Treasury has in the past been able to delay policies in the interests of the wider negotiations that took place during the UK’s departure from the EU. This suggests that there is already sufficient and appropriate Treasury oversight of … Read more
Government Response
The government acknowledges the Committee's concerns that its proposals might damage regulatory independence, affirming the importance of independence and the need for balance. However, the response does not explicitly commit to refraining from legislating for increased Treasury power.
HM Treasury
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5 Recommendation Not Addressed
Fifth Report - The Future Framewor…
If the Treasury does wish to give itself the formal power to see policy proposals...
If the Treasury does wish to give itself the formal power to see policy proposals before they are made public, comments or suggested changes to them using this power should be published alongside the public consultation.
Government Response
The government acknowledges the committee's concerns about regulatory independence but does not address the specific recommendation to publish the Treasury's comments or suggested changes to policy proposals alongside public consultations.
HM Treasury
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17 Conclusion Not Addressed
Fifth Report - The Future Framewor…
Our Committee has been consistent in its regular monitoring of the work of the Financial...
Our Committee has been consistent in its regular monitoring of the work of the Financial Conduct Authority and of the Prudential Regulatory Authority, the extent to which they meet the objectives set for them by Parliament, and their responsiveness to … Read more
Government Response
The Government's response states that the structure for scrutiny is a matter for Parliament, which does not directly address the Committee's conclusion about the logic of aligning scrutiny of regulations and policy implementation.
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