Factbox: UK sets out financial sector reforms

CECO Environmental

09/12/2022 08:01

LONDON, Dec 9 (Reuters) - 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
 (Reporting by William James)
 ((william.james@thomsonreuters.com; @wjames_reuters; +44 20
7513 4401;))