Recommendation 21

We recognise that there are differences between the regulatory and financial systems in the UK and Singapore, but we consider that there are valuable lessons to learn from Singapore’s approach which could assist foreign firms in navigating the UK when thinking about locating new business here. As set out by the PRA, the FCA and the PRA should work together to develop a proposal for a ‘concierge service’ in the UK, as part of broader efforts to instil a culture based on efficiency and an appropriate degree of flexibility.