We are fully committed to supporting economic growth in the UK and a thriving financial services sector. That's why we have made it easier for companies to list, supported greater home ownership, set out a roadmap for crypto regulation, and are reimagining financial advice and guidance to boost investments.
This year we’ve begun stripping out data requests, retired outdated supervisory documents, introduced a new private stock market, pared back our insurance rulebook and are working on redress reforms to give consumers and firms greater certainty.
We have put growth at the heart of our five-year strategy[2], set out a vision for more informed risk-taking, a debate we have spearheaded over recent years, and committed to being more predictable and proportionate.
We agree that there is more to do to understand the role of regulation in unlocking growth in the wider economy and that's why we have commissioned research on this topic.
The UK is the largest net exporter of financial services in the world and London is the world's second largest financial services centre, closing the gap on New York. We should capitalise on those strengths by working together across Government, Parliament, industry, and society more broadly, to seize the opportunities ahead.
We’ll carefully consider the Lords Financial Services Regulation committee’s recommendations and look forward to responding.