Former Treasury ministers to give evidence to the Financial Services Regulation

At 10.05am, the committee will hear from:

• Bim Afolami, Former Economic Secretary to the Treasury.

At 11.05am, the committee will hear from:

• Andrew Griffith MP, Shadow Secretary of State for Business and Trade (appearing in capacity as Former Financial Secretary and Former Economic Secretary to the Treasury).

These sessions, which are 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 these sessions include:

• During witnesses’ time in the Treasury, what are their reflections on the performance of the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) against the secondary competitiveness and growth objective (SCGO)?
• Is there any evidence to suggest that the Consumer Duty has had any adverse impacts on competition in the marketplace or put off investors in UK financial services businesses?
• To what extent has regulatory inefficiency inhibited the UK’s competitiveness?
• Can regulation be made to be more proportionate?
• Could the UK adopt any aspects of Singapore’s, or other jurisdictions’, approach to regulation?
• Is the FCA’s approach to regulation consistent? Does it provide sufficient certainty to industry?
• Should the Government play a more significant role in setting the risk appetite for the regulatory system as well as identify trade-offs between the primary and secondary objectives?

This is the 11th evidence session of the committee’s 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 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Committee was created in early 2024 following the passing of the Financial Services and Markets Act 2023 which repealed retained EU law for financial services and established a new framework for the regulation of financial services in the United Kingdom.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