Chris Hayward, Policy Chairman at the Corporation, said:
“We are proud to partner with HMT, the regulators and the Office for Investment to establish a concierge service that enhances the attractiveness of the UK as a destination for global financial services. Indeed, we called for this initiative in our Vision for Economic Growth. This initiative will make it easier for firms to navigate regulation and overcome barriers to entry.
“The Government’s recognition of excessive risk aversion in the system is absolutely correct. We need to regulate for growth, not just risk. By addressing this, we can unlock our potential and drive substantial investment. The Lord Mayor and I are actively working with senior practitioners to develop innovative ideas aimed at improving risk culture and regulation to support growth. We look forward to sharing these bold proposals later this summer.
“We welcome the FCA’s efforts to provide more support for high-growth firms and reduce regulatory reporting. Regtech will play a crucial role in reducing compliance costs, further aiding these firms.
“We support The Pensions Regulator’s push to encourage investment in productive assets through the voluntary disclosure of asset allocation data. This is an important tool to help deliver the Mansion House Compact and contribute significantly to our economic growth.
“Together, these initiatives will ensure that Britain remains at the forefront of global financial services, fostering an environment where innovation and growth can thrive.”
Lord Mayor of London, Alastair King, said:
“I am delighted to announce our collaboration with HMT, regulators, and the Office for Investment to establish a concierge service that will enhance the UK’s position as a leading global financial services hub. By streamlining access to our regulatory framework and removing barriers to entry, this initiative will make it easier for international firms to invest and thrive in the UK.
“We know excessive risk version is holding back growth. We need agile and streamlined regulation which prioritises growth. I will be working with senior industry leaders to develop bold proposals to improve risk culture and regulation. We will unveil these later this summer.
“Furthermore, we welcome The Pensions Regulator’s initiative to encourage investment in productive assets through the voluntary disclosure of asset allocation data. This is a significant step toward achieving the ambitions of the Mansion House Compact, driving long-term investment in the UK economy.”
Notes to editors
The Corporation is the governing body of the Square Mile dedicated to a vibrant and thriving City, supporting a diverse and sustainable London within a globally-successful UK.
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