In a speech delivered at Mansion House, the Chancellor announced a package of reforms to drive growth and competitiveness in financial services.
Responding to the Chancellor’s Mansion House speech:
“The Chancellor has set out a bold package of reforms for the UK’s financial services, and we welcome the ambition to boost growth and competitiveness. Enabling the industry to innovate and invest more in sustainable finance will help to galvanise growth, and steps to combat fraud and improve consumer understanding will support consumers and the economy alike. We look forward to seeing more detail and will continue to engage with Government, regulators and our members to progress mutual priorities.”
Hannah Gurga
ABI Director General
On the ambition to boost investment in the UK
“Action to boost investment potential in the UK is something we support. Investors also need clarity and certainty, so the Chancellor’s focus on delivering a Financial Services Growth and Competitiveness Strategy is welcome. The power of pensions to invest more in the UK is vast and an ambition we encourage, as long as savers’ interests are at the heart of investment decisions.
“As an industry that’s at the forefront of climate change, we’re also pleased to see the Government’s enhanced focus on sustainable finance. Our Investment Delivery Forum is already forging a path for investment in green and good infrastructure, working with local decision makers to find suitable projects to fund across the country.
“We look forward to seeing more detail and will engage with Government, regulators and our members on the consultations and calls for evidence.”
David Otudeko
ABI Head of Prudential Regulation
On the Chancellor’s plans for regulation
“A regulatory focus on driving growth and competitiveness will help to boost investment and enable innovation in the UK market. We strongly support the emphasis on regulating for growth and not just risk. That’s why we welcome the focus on simplifying the regulatory landscape to free up companies to innovate and invest. However, it’s critically important that the government considers the practicality and extent of any changes, recognising that change itself comes with a cost to firms. It is also critical to get the balance right: we all want to ensure that the UK maintains its status as a global financial centre with high regulatory standards.”
David Otudeko
ABI Head of Prudential Regulation
On efforts to combat fraud
“As the most reported crime in England and Wales, efforts to protect people and the economy from fraud are vital. We’re pleased to see the Government supporting co-ordinated efforts between the private sector, law enforcement and government to disrupt it. Such partnerships will be key to driving out the fraudsters, and work to target them on digital platforms and telecommunications networks is vital alongside raising consumer awareness. Through the Insurance Sector Fraud Charter, we’ll continue to work with Government and other bodies to boost the industry's resilience and ability to fight fraud.”
Mark Allen
ABI Head of Fraud and Financial Crime
On the announcement of a consultation on captive insurance
“To date, our sector’s ability to capitalise on the power and potential of captive insurance has been restricted by a regulatory system that prevents them from being based in the UK. We welcome the Government’s consultation on captive insurance, which opens the door for the industry to share its expertise in this area and demonstrate how captive insurance can help boost economic growth in the UK.”
Laura Hughes
ABI Head of General Insurance Policy
On the consultation on the Advice Guidance Boundary Review
“Navigating the financial world can be confusing and many consumers aren’t receiving enough support. We're very pleased the FCA has committed to progressing its Advice Guidance Boundary Review and we look forward to engaging with the upcoming consultation.”
Rob Yuille
ABI Head of Long-Term Savings Policy
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