London Market Group response to the Queen’s Speech  

Following the announcement of a Financial Services Bill in the Queen’s Speech, the London Market Group has backed calls from across UK-based financial and related professional services for the proposed competitiveness objective for financial services regulators to include measures to drive a new regulatory culture grounded in proportionate, fair and predictable regulation. The statement, co-ordinated by TheCityUK, is available to view here – https://www.thecityuk.com/news/financial-services-trade-associations-common-statement-on-financial-services-bill/

Caroline Wagstaff, Chief Executive of the London Market Group, said:

“For London to remain a jewel in the crown of the UK’s financial services we need regulators whose culture strives for the highest standards, and that also use intelligence and energy to focus on making London the best place in the world to buy and sell wholesale insurance. That’s why the Financial Services Bill, announced in today’s Queen’s Speech, is crucial. The competitiveness duty proposed by the Treasury is a core part of this, but if there is any chance of success it needs teeth, and there has to be real clarity on how the regulators will implement the duty and how they will be held to account in meeting its requirements.

“We look forward to seeing the Bill in full in due course, and to working with members of parliament and peers from across both Houses to put commercial insurance and the London Market front and centre of discussions about the future of the UK’s financial services sector.”