Brexit – IRSG report on the architecture for regulating financial services
The International Regulatory Strategy Group (IRSG) has published a report which calls for a review of the UK’s rulemaking system for financial services post-Brexit.
The report outlines four main recommendations for review:
- The powers and resources of UK regulators, including how any significant policy decisions are reached
- Framing the responsibilities of regulators to ensure regulation continues to be at the forefront of global standards, while remaining flexible and adaptive to market needs
- The scrutiny and oversight of regulators, how they interact with the UK parliament, key stakeholders and the public
- The legislative and regulatory process, including consultation and review mechanisms, as well as an assessment of areas for consolidation and simplification.
The report can be viewed at: bit.ly/2kDUM14
The UK Financial Conduct Authority (FCA) has launched a public awareness campaign highlighting the 29 August 2019 deadline to complain about payment protection insurance (PPI).
The UK Financial Conduct Authority (FCA) has published the first of two consultation papers on implementing the Insurance Distribution Directive (IDD).
The paper is comprised of 28 essays by industry leaders and academics concerning the concept of a “good culture”, the role of regulation and regulators, how firms might go beyond incentives for good behaviour and how to change behaviour.