“The LMG has been at the forefront of calls for a more proportionate and accountable regulatory framework and the final Bill closely reflects the measures that we have asked for over the last 18 months,” The London Market Group said as it welcomed the Royal Assent of the Financial Services and Markets Bill on behalf of the specialty insurance market.
The Group continued, “We want to thank the MPs and peers who have supported our campaign and the work they have undertaken to make these changes happen.”
According to the LMG, this Bill, together with the ongoing work on developing performance metrics, represents a package of reforms that will specifically require the regulators to set out how they are facilitating the UK’s international competitiveness.
The LMG notes that given the extensive new rulemaking powers they now have; these measures will be instrumental in ensuring they are focused on improving both day-to-day operations and attracting new entrants and investment to the UK.
Caroline Wagstaff, CEO of the LMG, commented, “The focus must now shift to ensuring a speedy implementation of measures.
“The issue here is now about the pace of change – what are the regulators going to change to deliver on the new secondary objective, how fast will they implement those changes and how will the success, or otherwise, be measured.
“This is vital if the UK is to keep pace with the increasingly fierce international competition for investment.
“We look forward to continuing to work with the Government to make a success of these important changes.”
