UK monitoring to reduce the rules of the financial sector after calls from business

Stay in view of the free updates

Simply subscribe to Financial organization in the United Kingdom Myft Digest – it is delivered directly to your inbox.

More than 100 pages of regulations that cover consumer financing, investments and mortgage lending will be “retired by the UK Financial Supervision Authority in response to companies and government calls to simplify their bases.

the Financial behavior authority She said she would also withdraw hundreds of supervisory publications and review “mandatory disclosure rules” to give companies more flexibility in areas such as online transactions.

This announcement, which is rare for the regulator known to create new rules of its destruction, came after Chancellor Rachel Reeves announced a “radical action plan to reduce the red tape” to reduce the cost of the business for a quarter.

The simplification of the FCA rules book, which extends to more than 10,000 pages, came when the organizer prepares for the advertisement A new five -year strategy On Tuesday, which will include the commitment to support economic growth by reducing the burden of organization.

Last year, the financial companies called for the proposal of rules that can be canceled because they interfered with the new consumer duty system, which requires companies to ensure that their customers are treated fairly and obtain “good results”.

One of the fields that FCA plans to review is the book of its rules for credit advertising, to study whether the long terms and conditions are still necessary. He will also discuss whether companies have to continue to apply UK’s bases to foreign customers in areas such as insurance.

“Now, the consumer’s duty is valid, and we are making changes quickly as the stakeholders want from us, we reduce unnecessary costs, support growth, and eventually help consumers get better results,” said Sarah Bretchard, the head of the FCA competition and the consumers and the internationals.

Some companies complained that the consumer duty is very mysterious and that they prefer to keep FCA with detailed rules to give them a better idea of ​​permissible activities.

The Supervisory Authority said that it had received “clear reactions from the industry that it is now not the time for extensive changes to its bases,” adding that it “will continue to deal with the industry and others to obtain balance properly without widespread repair.”

The supervisory publications that will be retired by FCA according to its new approach include the messages “Dear CEO” to the presidents in a specific sector, a portfolio, and multi -dead and objective reviews that precede its previous strategy that was launched in 2022.

“These proposals are part of our long -term efforts to derive our rules in the future, and reduce the burdens of financial companies and will help the ambitious government goals reduce the cost of the organization,” said Britthard.