New Lords Financial Services Regulation Committee to hold its first public evidence session
Tuesday 7 May 2024
At 10.10am on Wednesday 8 May 2024, the House of Lords Financial Services Regulation Committee, will hear evidence from Miles Celic, CEO of TheCityUK, the industry-led body representing UK-based financial and related professional services.
This is the first 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.
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.
Topics the committee is likely to cover in this session include:
- Factors limiting the growth and competitiveness of the UK as an international and domestic financial centre.
- Whether regulators are more focused on preventing risk than providing the right environment for firms to grow and develop.
- The extent to which a lack of resources and operational efficiency is preventing more effective and efficient regulation in the UK.
- How regulation can support greater talent and financial investment to enter the UK.
- The impact the lack of consistency among financial services regulation in the UK has on firms’ confidence and ability to grow.
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Committee was created in early 2024 following the passing of the Financial Services and Markets Act 2023 which repealed retained EU law for financial services and established a new framework for the regulation of financial services in the United Kingdom.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.
