Response to the Financial Services and Markets Bill receiving Royal Assent
Chris Hayward, Policy Chairman of the City of London Corporation, stated: “It is fantastic to see the Financial Services and Markets Bill receive Royal Assent. This bill presents us with a tremendous opportunity to ensure that the UK’s world-leading financial services ecosystem remains open, innovative, and attractive to global talent.
However, we must not rest on our laurels. The new secondary growth and competitiveness objectives for regulators outlined in the bill must drive changes in culture, training, regulation, supervision, metrics, and accountability. What gets measured gets done, so it is crucial for regulators to have clear and appropriate targets and objectives.”
Mr. Hayward emphasizes the importance of seizing the Royal Assent of the Financial Services and Markets Bill as a stepping stone for implementing a series of transformative measures in the UK’s financial landscape. He recognizes that the legislation offers an immense opportunity to uphold the country’s status as a global leader in financial services. Nevertheless, he underscores the need to push forward and take concrete actions to enact the newly defined growth and competitiveness objectives assigned to regulators.
The call for change encompasses a broad range of aspects, spanning from organizational culture to staff training, encompassing regulation, supervision, metrics, and accountability. Hayward insists that regulators must have clear and fitting goals and objectives, which should align with the new mandates stipulated in the bill.
In summary, Chris Hayward’s statement highlights both the significance of the Financial Services and Markets Bill receiving Royal Assent and the imperative to drive forward and ensure that necessary changes are implemented to strengthen and enhance the UK’s financial sector.
