Recommendation 110

Sir Nicholas Lyons echoed the importance of a more open and flexible supervisory culture in the UK regulators, but cautioned that this should not come at the expense of protections on the UK’s financial services sector: “We should not, however, compromise the integrity of our checks for overseas entities to become UK-regulated in the same way. … I remain unconvinced that any worthwhile entity will favour being authorised in Singapore over the UK, based on a concierge service alone. But, we need to remove the sense that we are unwelcoming to foreign entities per se and have the ability to fast-track firms that are regulated by respected overseas regulators.” 177