Anniversary of Edinburgh Reforms marks further progress
Economic Secretary to the Treasury Bim Afolami is today announcing further changes to financial services as he marks the anniversary of the Edinburgh Reforms.
- Proposals to help provide support to consumers with their financial decision-making to be the next step in Edinburgh reforms, as Economic Secretary Bim Afolami visits the city to mark a year since their launch.
- Building on the progress made this marks the delivery of the 22nd of the 31 reforms, with plans in place to deliver on the last nine reforms.
- The inaugural Scottish-London Financial Services Forum takes place as Minister also meets with Morgan Stanley in Glasgow.
Economic Secretary to the Treasury Bim Afolami is today (8th December) announcing further changes to financial services as he marks the anniversary of the Edinburgh Reforms with a two-day trip to Scotland.聽
In the year since the launch of the Edinburgh reforms, the government has already delivered 22 of the 31 reforms including legislation which will overhaul the UK바카라 사이트檚 regulation of prospectuses, the information available to investors when a firm raises capital and bringing forward secondary legislation to take advantage of the UK바카라 사이트檚 newfound regulatory freedoms since leaving the EU through the implementation of the Wholesale Markets Review reforms. These changes mean the government is taking forward its ambition for the UK to be the world바카라 사이트檚 most innovative and competitive global financial centre.聽
Building on the reforms, the government and Financial Conduct Authority (FCA) has today published a policy paper as part of the joint Advice Guidance Boundary Review, outlining initial proposals for reform to help improve consumer access to support with financial decision making. Currently, there is an 바카라 사이트榓dvice gap바카라 사이트� between holistic financial advice that is unaffordable for many, and guidance that is free to access but not personal to the consumer. This excludes people with modest investments, leaving them without the tools necessary to reap the significant benefits offered by our world-leading financial services sector.
The government has also today published its response to the Call for Proposals, which sought views on the additional metrics that the FCA and the Prudential Regulation Authority should report against, as part of work to embed their new growth and competitiveness objectives. The regulators have agreed to publish a series of new metrics, which will support scrutiny of their work.
Economic Secretary to the Treasury, Bim Afolami today said:聽
바카라 사이트淢y number one priority in this role is to deliver on The Edinburgh Reforms. The reforms have shown the UK바카라 사이트檚 dedication to fostering a sensible, innovative and robust financial landscape 바카라 사이트� over the past year we바카라 사이트檝e made significant strides towards creating an environment that supports economic growth, openness, and the well-being of savers.聽
바카라 사이트淎lready companies worldwide are taking note of the UK바카라 사이트檚 approach, and we will continue to deliver on our reforms as we make the UK the best place in the world to create and grow a business.바카라 사이트�
Miles Celic, Chief Executive Officer, TheCityUK, said:
바카라 사이트淭he Edinburgh Reforms 바카라 사이트� and the subsequent Mansion House Reforms 바카라 사이트� were a positive signal of the government바카라 사이트檚 commitment to maintaining the UK바카라 사이트檚 competitiveness as a leading international financial centre. As we progress this important reform agenda, it is critical that government, industry and regulators work together to drive forward the implementation of the reforms and to deliver nationwide economic growth by bolstering the attractiveness of the UK as a place to list, invest, innovate and scale.바카라 사이트�
The Minister also held a series of roundtables on asset management and fintech in Edinburgh and visited Morgan Stanley offices in Glasgow. Since 2000 Morgan Stanley바카라 사이트檚 office has grown from just six people to now employing more than 1,400 people. Edinburgh is currently the largest financial services hub in the UK outside of London, worth more than 拢14 billion to the UK economy and employing around 136,000 people.聽
Today is also the first Scottish-London FS forum 바카라 사이트� chaired by the Economic Secretary in Edinburgh 바카라 사이트� emphasising the government바카라 사이트檚 commitment to economic growth and the importance of the Scottish financial sector in supporting this.聽聽聽
At the recent Autumn Statement, the Chancellor announced further advancements in delivering on the Edinburgh Reforms and Mansion House commitments including ambitious steps to increase the flow of capital to promising growth companies while simultaneously improving outcomes for savers and measures to enhance the UK바카라 사이트檚 financial services regulatory environment.
The trip is the Economic Secretary바카라 사이트檚 first trip to Scotland since his appointment, he said:
바카라 사이트淓dinburgh is a key part of our financial services landscape, and it was really important to me to come and see some of the great work being done here within the first month of my appointment. Scotland is known for its innovation and ingenuity and I바카라 사이트檓 sure this will be the first of many such visits.바카라 사이트� 聽
Sandy Begbie CBE FRSE, Chief Executive, Scottish Financial Enterprise, said:
바카라 사이트淲e are delighted to welcome the Economic Secretary to the Treasury to Edinburgh for the launch our new UK 바카라 사이트 forum - another important recognition of the vital contribution of Scotland바카라 사이트檚 financial services industry to the UK economy.
바카라 사이트淭he forum will be an opportunity to discuss our new sector growth strategy, which aims to harness our global leadership in areas like asset management, fintech, and green and sustainable finance, build on our strong foundations in banking, life and pensions and wealth, and unlock our expertise in data, AI and emerging technologies.
바카라 사이트淚t is also an opportunity to share our insights on the Edinburgh Reforms, a year since they were announced here. The reforms aim to build on the government바카라 사이트檚 vision for UK financial services to be an open, sustainable, and technologically advanced global centre that delivers for all parts of the UK and its communities.
바카라 사이트淥ur sector growth strategy is very much aligned with this vision and recognises the UK바카라 사이트檚 globally respected regulatory environment as an asset we must leverage to attract more investment and jobs to Scotland.바카라 사이트�