Financial Services

Treasury written question – answered on 22nd June 2021.

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Photo of Kieran Mullan Kieran Mullan Conservative, Crewe and Nantwich

To ask the Chancellor of the Exchequer, what steps his Department is taking to support the financial services sector following the end of the transition period.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

The Chancellor set out the Government’s strategy on financial services to the House in November, a vision of a sector that is more open; more technologically advanced; and a world-leader in the use of green finance, serving the communities and citizens of this country.

Since then we have passed a Financial Services Act to begin the necessary reforms to our framework, and agreed text with the EU for a regulatory cooperation forum paving the way for a more stable relationship.

In addition, we have set out our response to Ron Kalifa’s review of UK Fintech to ensure we continue to build on our existing strengths as a world leader in financial technology. We’ve also set out how we will take forward each of the recommendations in Lord Hill’s recent Listings Review that were addressed to the Treasury, and shared our plans to consult on reforms to the wider capital markets regime this summer, with the aim of supporting competitiveness, whilst ensuring the UK maintains high regulatory standards.

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