Factbox: UK sets out financial sector reforms
LONDON (Reuters) – Britain on Friday set out plans to overhaul the financial sector including a review of rules to make bankers accountable for their decisions and easing capital requirements on smaller lenders.
Here are some of the measures announced:
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– Reforming the Ring-Fencing Regime for Banks
– Issuing new remit letters for the PRA and FCA with clear, targeted recommendations on growth and international competitiveness
– Reforming securitisation regulation
– Launching a Call for Evidence on reforming the Short Selling Regulation
– Welcoming the PRA consultation on removing rules for the capital deduction of certain non-performing exposures held by banks
– Overhauling the UK’s regulation of prospectuses
– Committing to establish the independent Investment Research Review
– Committing to having a regime for a UK consolidated tape in place by 2024
– Consulting on reform to the VAT treatment of fund management
– Consulting in Q1 2023 on bringing Environmental, Social, and Governance ratings providers into the regulatory perimeter
– Consulting on a UK retail central bank digital currency alongside the Bank of England in the coming weeks
– Publishing a response to the consultation on expanding the Investment Manager Exemption to include cryptoassets
– Laying regulations in early 2023 to remove well-designed performance fees from the pensions regulatory charge cap
(Reporting by William James)