FACTBOX-UK sets out financial sector reforms

Britain on Friday set out plans to overhaul the financial sector including a review of rules to make bankers accountable for their decisions and easing capital requirements on smaller lenders. Here are some of the measures announced:

- Reforming the Ring-Fencing Regime for Banks - Issuing new remit letters for the PRA and FCA with clear, targeted recommendations on growth and international competitiveness

- Reforming securitisation regulation - Launching a Call for Evidence on reforming the Short Selling Regulation

- Welcoming the PRA consultation on removing rules for the capital deduction of certain non-performing exposures held by banks - Overhauling the UK’s regulation of prospectuses

- Committing to establish the independent Investment Research Review - Committing to having a regime for a UK consolidated tape in place by 2024

- Consulting on reform to the VAT treatment of fund management - Consulting in Q1 2023 on bringing Environmental, Social, and Governance ratings providers into the regulatory perimeter

- Consulting on a UK retail central bank digital currency alongside the Bank of England in the coming weeks - Publishing a response to the consultation on expanding the Investment Manager Exemption to include cryptoassets

- Laying regulations in early 2023 to remove well-designed performance fees from the pensions regulatory charge cap

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