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CII Briefing: HMT feedback statement on financial regulation consultation

On 24 November, the Treasury published a feedback statement following its earlier Consultation Paper in July 2010 on reforming the UK regulatory architecture. The statement analyses submissions by various stakeholders.

 

This briefing thematically summarises the feedback statement, summing up concerns and viewpoints from relevant stakeholders, namely industry trade associations, insurance firms, consumer groups and professional bodies. In short, we found there to be:

- Industry: trade associations and financial services firms highlighted costs of regulation, concerns about insurance treated similar to banks, lack of regard to competitiveness, and international representation.

- Consumer groups: consumer groups generally welcomed the 'consumer champion' approach proposed for the CPMA. However they think that it should not be considered secondary to the PRA, and called for direct consumer group representation at senior level throughout the new architecture.

Next Steps:

- Q2/2011: shadow PRA/CPMA established in FSA.

- Q2-3/2011: government introduces legislation to implement its proposals.

- Mid-2012: legislation expected to be passed.

- End-2012: new regulatory framework in place.

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