City Minister to give evidence to Lords Financial Services Regulation Committee
Tuesday 4 February 2025
At 10.15am on Wednesday 5 February, the House of Lords Financial Services Regulation Committee will hear evidence from Emma Reynolds MP, Economic Secretary to the Treasury and City Minister.
This session, which is open to the public, will be held in Committee Room 4 of the House of Lords and streamed live and on demand on Parliament TV.
Questions the committee is likely to ask in this session include:
- The regulators’ commitment to, and performance in, advancing their Secondary Competitiveness and Growth Objective (SCGO).
- The historic relationship between the regulators and Government, how the Government intends to support the regulators in advancing their SCGO, and whether the legislative framework obfuscates oversight of financial services regulation.
- Reflections on the expansion of the regulators’ remit over time, and where the line sits between the regulators advancing their statutory objectives and stepping into the way in which firms choose to run themselves.
- The prevalence of regulatory overlap in the financial services sector, the cost this introduces through duplicative compliance and slow delivery of reform, and what the Government intends to do to address this.
- Reflections on how the regulators can improve the skills and practitioners’ understanding of their staff, and what the Government can do to support them.
- Where the Government would like to see the regulators help to increase the proportion of financial services investment into primary markets and productive assets, how the Government intends to support them in this.
More about the Financial Services Regulation Committee
The Financial Services Regulation Committee was created in early 2024 following the passing of the Financial Services and Markets Act 2023 which repealed retained EU law for financial services and established a new framework for the regulation of financial services in the United Kingdom.
The committee is chaired by Lord Forsyth of Drumlean. Its members are: Baroness Bowles of Berkhamsted; Baroness Donaghy; Lord Eatwell; Lord Grabiner; Lord Hill of Oareford; Lord Hollick; Lord Kestenbaum; Lord Lilley; Baroness Noakes; Lord Sharkey; Lord Smith of Kelvin; and Lord Vaux of Harrowden.
The committee’s work can be followed on its website
