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In a significant move towards enhancing Britain’s financial services sector, the Bank of England is contemplating the establishment of a ‘concierge service’ for international financial firms seeking to enter the UK market. This initiative emerges as part of the government’s broader strategy to stimulate economic growth through regulatory reforms.
Sam Woods, who heads the Bank’s Prudential Regulation Authority (PRA), has communicated to the Prime Minister that the organisation is actively exploring a service model similar to Singapore’s regulatory framework. This proposed system would offer overseas firms a streamlined, single-point solution for establishing operations in the UK.
The development comes in response to Sir Keir Starmer’s Christmas Eve correspondence with 17 primary UK regulators, including those overseeing water and energy sectors. Rachel Reeves, the Chancellor, has already initiated discussions with regulatory leaders, urging them to dismantle regulatory obstacles. She plans to engage with executives across the banking, insurance, and broader financial services spectrum to craft a comprehensive growth strategy.
While the Financial Conduct Authority (FCA) has indicated potential relaxation of mortgage regulations, it has cautioned that growth-oriented measures inherently involve increased risk-taking and potential failures. Woods emphasised that whilst the PRA’s objectives support economic growth, its primary focus remains maintaining the robustness of financial institutions.
The City’s perspective on transforming the UK into ‘Singapore on Thames’ through lighter regulatory touch has met with measured responses. Woods, addressing a Lords committee, cautioned against a regulatory race to the bottom, highlighting Parliament’s clear prioritisation of objectives between primary and secondary considerations.
This strategic initiative represents a careful balancing act between fostering growth and maintaining financial stability, as the UK positions itself in the post-Brexit financial landscape.
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