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:
trade associations and financial services firms
highlighted costs of regulation, concerns about insurance treated
similar to banks, lack of regard to competitiveness, and
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
- Q2/2011: shadow
PRA/CPMA established in FSA.
- Q2-3/2011: government introduces
legislation to implement its proposals.
- Mid-2012: legislation expected to be
- End-2012: new regulatory framework in place.