Fifth Report - The Future Framework for Regulation of Financial Services
Select Committee
Treasury Committee
HC 147
6 July 2021
Government response
Fourth Special Report: The Future Framework for Regulation of Financial Services: Responses to the Committee’s Fifth Report · published 20 Sep 2021
Recommendations & Conclusions
7 results
6
Conclusion
Deferred
Para 49
It is not clear to what extent the Treasury wishes to implement activity-specific regulation.
Conclusion
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 Summary
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
View Details
7
Recommendation
Deferred
Para 50
If done with a deft approach, there may be a role for activity-based principles or...
Recommendation
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 Summary
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
View Details
8
Conclusion
Deferred
Para 51
Regulating a company as a whole rather than by activity carried out should provide greater...
Conclusion
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 Summary
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
View Details
9
Conclusion
Deferred
Para 52
We will only be able to conclude with more certainty on the merits or risks...
Conclusion
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 Summary
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
View Details
18
Recommendation
Deferred
Para 91
The House could, if it thought it necessary to increase the capacity and broaden the...
Recommendation
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 Summary
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
View Details
19
Conclusion
Deferred
Para 92
The House might also consider increasing the resources available to the Committee if it were,...
Conclusion
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 Summary
The government redirected the recommendation, stating that the appropriate structure for parliamentary scrutiny is a matter for Parliament itself to consider.
HM Treasury
View Details
20
Conclusion
Deferred
We will continue to maintain an open mind as to how best to scrutinise the...
Conclusion
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 Summary
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
View Details