London Market Group and Marsh McLennan UK to give evidence to the Financial Services Regulation Committee

• Caroline Wagstaff, Chief Executive Officer, London Market Group
• Christopher J. Lay, Chief Executive Officer, Marsh McLennan UK.

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:

• Whether there has been a change in the Financial Conduct Authority (FCA) or the Prudential Regulation Authority’s (PRA) approach to regulation since the introduction of their new secondary objective.
  
  
• If the FCA and PRA have got their priorities right.
  
  
• Whether regulators should accept a bolder risk appetite, particularly in relation to helping to facilitate growth.
  
  
• The consistency in the way in which the FCA listens to industry and its concerns.
  
  
• Progress being made by both regulators to better supporting innovation in the financial services sector.
  
  
• How successful the FCA and PRA have been in removing barriers to international trade/labour movement since the introduction of their SCGO (e.g., standards and qualifications and operational efficiency).

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Committee was created in early 2024 following the passing of the Financial Services and Markets Act 2023 which repealed retained EU law for financial services and established a new framework for the regulation of financial services in the United Kingdom.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