How should UK financial services regulators be held to account?

27 April 2023

We have produced a report calling for the creation of a new independent expert body to be established which will hold financial services regulators to account in the new post-Brexit environment. The report also sets out recommendations for how the UK can prosper and succeed as a global financial centre.

The UK’s departure from the EU has changed the way that financial services regulations are created, with substantial powers passing to the FCA and PRA. The Financial Services and Markets Bill, which is due to be approved soon, seeks to reform the UK’s regulatory architecture. However, there are contentious debates about the appropriate checks-and-balances in a post-Brexit environment and the draft legislation has not conclusively addressed how the UK’s regulators should be held accountable.

We spoke with trade bodies, politicians, academics, and experienced industry figures to canvass views on the consequences of greater political accountability of financial regulation and the regulatory architecture that the UK should adopt to ensure the City’s continued success.

Read

Read the full report.

Listen

Listen to our podcast for a summary of the current position, why this topic is being so heavily debated, the different solutions being proposed and our proposed solution.

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