Reeves urges financial regulator to promote increased risk-taking within the industry

The UK’s financial regulator, the Financial Conduct Authority (FCA), has been directed by Chancellor Rachel Reeves to promote greater risk-taking in the financial sector, sparking concerns over potential compromises to consumer protection regulations. In a remit letter, Reeves emphasized the importance of enabling “sensible risk-taking” to bolster the growth and competitiveness of City firms, while acknowledging the challenges posed by balancing regulation with economic expansion. This approach follows previous criticisms of overly stringent regulations established after the 2007-08 financial crisis and recent shifts by the Labour government towards deregulation, including potential changes to banker bonus rules and the easing of safeguards on smaller banks. Critics warn that such moves could repeat the mistakes that contributed to the collapse of institutions like the Royal Bank of Scotland. The government insists that robust regulatory standards remain a priority while aiming for sustainable economic growth beyond just the interests of the financial sector.

Reeves urges financial regulator to promote increased risk-taking within the industry

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