Chancellor to slash 鈥榙uplicative and burdensome rules鈥�
Chancellor hosts Fintech CEOs in No. 11 as the Treasury streamlines regulation to boost growth as part of the Government鈥檚 Plan for Change.
-
Chancellor and CEOs discussed the Financial Services Growth and Competitiveness Strategy, following the Prime Minister鈥檚 pledge to cut the administrative cost of regulation on business by a quarter.
-
The Chancellor also delivers on her聽Mansion House commitment to reform capital markets regulations and boost the attractiveness of the UK鈥檚 capital markets.
This morning (18 March), the Chancellor hosted senior representatives from the Fintech sector in No. 11 Downing Street to discuss the biggest growth opportunities for Fintechs and new draft legislation to streamline regulation and boost the attractiveness of our capital markets.
This new legislation will deliver reforms to the Markets in Financial Instruments Directive (MiFID) rules, which were inherited from the European Union, and will enable the FCA to scrap any rules which are duplicative and unnecessarily hold UK firms back by designing a new regulatory framework that supports economic growth, this government鈥檚 number one mission.
The Chancellor committed to reforming these rules at her Mansion House speech in November to ensure that they work better for UK companies and they deliver for investors, firms, and support growth across the UK.
This will mark the next milestone in delivering the government鈥檚 wholesale market reforms and will boost the attractiveness of the UK鈥檚 capital markets.
This forms part of the Chancellor鈥檚 radical action plan to cut red tape, boost growth, and create a more effective regulatory system, delivering on the Prime Minister鈥檚 pledge to cut the administrative cost of regulation on business by a quarter.
The Chancellor of the Exchequer, Rachel Reeves, said:
We are taking action to make our rulebook more competitive to support growth, the number one mission for our Plan for Change, and have asked the FCA to reform the regulatory structure around capital markets to make it work better for UK firms. This will ensure they聽can grow and invest across the economy, kickstarting growth and getting more money in people鈥檚 pockets.