Part of Financial Services Bill – in a Public Bill Committee at 2:42 pm on 17 November 2020.
There are measures in the Bill that do, as I understand it, reflect some of the measures that the EU has taken around prudential requirements. In the past, there has been a bit of a one-size-fits-all for different sizes of companies. For smaller companies that carry a smaller risk, you need to take a proportionate approach to regulation. That is by no means saying that we want lower standards, or a race to the bottom; it is about considering firms of different sizes and the risks that they bring.
Obviously, there are challenges every time there is a significant change such as this, and