Home / Sources / Select Committees / Treasury Committee / Future of Financial Services
Index live
Select Committee · Treasury Committee

Future of Financial Services

Status: Closed Opened: 20 Nov 2020 Closed: 1 Nov 2022 19 recommendations 26 conclusions 3 reports

This inquiry will look at the future of financial services after the Brexit transition period ends. It will examine how financial services regulations should be set and scrutinised by Parliament, as EU directives will cease to govern new rules and regulations. It will also consider how regulators are funded and the extent to which financial … Show more

Clear

Reports

3 reports
Title HC No. Published Items Response
Second report - Future Parliamentary scrutiny of financial … HC 394 23 Jun 2022 0 Overdue
First Report - Future of financial services regulation HC 141 16 Jun 2022 25 Responded
Fifth Report - The Future Framework for Regulation of Finan… HC 147 6 Jul 2021 20 Responded

Recommendations & Conclusions

2 items
18 Conclusion First Report - Future of financial serv… Accepted in Part

We expect the regulators to prioritise changes where the cost for consumers is lowest in...

We expect the regulators to prioritise changes where the cost for consumers is lowest in comparison to the benefit. Regulators’ approaches to assessing the marginal impact of new policies is already well-developed. We therefore believe that the creation of a new statutory panel to advise regulators on cost-benefit analysis—in addition … Read more

Government response AI summary
The government acknowledges concerns about regulators' cost-benefit analysis and proposes establishing CBA panels but does not agree that the panels would impact the regulators' independence.
Read full response →
HM Treasury
23 Recommendation First Report - Future of financial serv… Accepted in Part

The Prudential Regulation Authority should consider where there is more that can be done to...

The Prudential Regulation Authority should consider where there is more that can be done to reduce the advantages from which large banks and insurers benefit through modelling their own capital requirements. The purpose of doing so would be not only to strengthen competition by reducing the barriers faced by smaller … Read more

Government response AI summary
The government agrees with simplifying the regulatory framework, citing the "Strong & Simple" initiative and insurance reporting simplifications, and highlights planned enhancements to cost-benefit analysis, but does not specifically address reducing advantages from modelling capital requirements.
Read full response →
HM Treasury

Correspondence

5 letters
DateDirectionTitle
6 Sep 2022 To cttee Letter from the Economic Secretary to the Treasury, relating to proposals for a…
25 Apr 2022 To cttee Letter from the Economic Secretary to the Treasury, relating to the ‘Future of …
25 Apr 2022 To cttee Letter from the Economic Secretary to the Treasury, relating to the ‘Future of …
10 Mar 2022 To cttee Letter from John Glen relating to sanctions following the Committee's evidence …
20 Oct 2021 To cttee Letter from Lloyds following evidence given to TSC, regarding the future of fin…