Has the scope of the regulators expanded beyond their individual remit and has regulatory overlap led to inconsistency in rules and duplicated compliance?

On Wednesday 20 November 2024, the House of Lords Financial Services Regulation Committee will hear evidence from three panels of witnesses.

At 10.05am, the committee will hear from:

• Jack Inglis, Chief Executive Officer of the Alternative Investment Management Association (AIMA)
• Cuan Coulter, Executive Vice President, Global Head of Asset Managers, and Head of UK and Ireland at State Street.

At 10.50am, the committee will hear from:

• Michael Moore, Chief Executive Officer of the British Private Equity and Venture Capital Association (BVCA)
• Lionel Assant, Global Co-Chief Investment Officer at Blackstone.

At 11.35am, the committee will hear from:

• Anthony Coombs, Chair of S&U Plc
• Stephen Haddrill, Director General of the Finance & Leasing Association (FLA).

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:

• Do witnesses agree about the need for a mature debate about risk and the trade-offs which the Government and industry need to accept?
• Are there examples where aspects of legislation, or the Government’s approach to policy making, reduce the competitiveness and growth for witnesses’ sectors?
• Have the UK’s capital markets experienced a relative decline and lost out to competing exchanges such as New York?
• Will the Government’s plans to consolidate the Defined Contributions pensions and the Local Government Pension Schemes change the investment patterns of pension funds?
• Has the FCA struck the right balance in managing consumer confidence and business confidence in the UK’s regulatory landscape?
• Which metrics, that are in regulator’s control, would be helpful to support UK businesses’ decision-making?

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Committee was created in early 2024 following the passing of the Financial Services and Markets Act 2023 which repealed retained EU law for financial services and established a new framework for the regulation of financial services in the United Kingdom.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