Chancellor Rishi Sunak outlined the government’s vision for the future of the UK’s insurance sector yesterday (1 July).
In his first speech at Mansion House, Sunak set out how the country’s financial services will create “prosperity at home” following the pandemic.
Among the announced reforms were plans to require companies, pension schemes, financial services firms and their investment products to report on the impact they are having on the environment.
Furthermore, the chancellor confirmed additional plans for new laws to make sure people only need to travel a reasonable distance to pay in or take out cash, and that regulators have the powers that it needs to hold firms to account to meet these requirements.
On top of this, Sunak announced consultations on reforms to the regulation of wholesale capital markets and insurance sector, as well as a fundamental review of the prospectus regime.
During his speech, Sunak said: said: “Financial services don’t just generate prosperity at home. They give us the economic power to project our values on the global stage.
“More open, more competitive, more technologically advanced, and more sustainable – that is our vision for financial services. The roadmap we are publishing today sets out a detailed plan for the next few years – and I look forward to delivering it, together.”
He added: “To do that, we’re consulting on reforms to the regulation of wholesale capital markets implementing the recommendations in Lord Hill’s listings review, including a fundamental review of our prospectus regime…and reforming the prudential regulation of the insurance sector.”