City of London Corporation to give evidence to the Financial Services Regulation Committee

At 10.10am on Wednesday 22 May 2024, the House of Lords Financial Services Regulation Committee will hear evidence from:

• Chris Hayward, Policy Chairman, the City of London Corporation
• Kerstin Mathias, Director of Policy and Innovation, the City of London Corporation.

This session, which is open to the public, will be held in Committee Room 1 of the House of Lords and streamed live and on demand on Parliament TV.

Topics the committee is likely to cover in this session include:

• What regulators could do to enhance the UK’s growth and competitiveness and to support investment in the UK.
• How onerous regulations are in the UK when compared to other jurisdictions.
• Whether the right metrics have been agreed on by the Treasury and the regulators to ensure that the regulators are held to account for their primary and secondary objectives.
• Whether regulators have the right technical capabilities to support both new and incumbent firms in the UK.
• The impacts of excessive capital requirements on firm growth.
• How greater investments can be mobilised through pension schemes.

This is the second evidence session of the committee’s new inquiry into the Financial Conduct Authority (FCA) and the Prudential Regulation Authority’s (PRA) secondary growth and competitiveness objective. This objective was introduced following the passage of the Financial Services and Markets Act 2023.

More about the new 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Committee was created in early 2024 following the passing of the Financial Services and Markets Act 2023 which repealed retained EU law for financial services and established a new framework for the regulation of financial services in the United Kingdom.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.