This timely seminar discussed policy priorities ahead for the UK’s banking sector.
Delegates examined key issues facing the industry, including the long-term impact of the UK’s EU referendum outcome on the sector’s competitiveness and regulation as well as latest thinking on areas such as accountability, ethics, market stability and innovation to underpin a globally competitive UK banking sector.
Key policymakers and industry stakeholders discussed practical challenges and opportunities brought about for the financial services sector by Brexit - including the future of the passporting frameworks, involvement with key EU regulations, the stability of financial markets and the City’s future ability to attract investment and talent.
The conference was also timed to assess implications of the final report of the Competition and Market Authority’s Retail Banking Market Investigation in summer 2016, which included measures to encourage account switching and overdraft management, as well as requirements on industry to implement ‘Open Banking’. Further sessions focused on stability and accountability within the sector following the recent passage of the Bank of England and Financial Services Act 2016 - which seeks to strengthen resolution planning following firm failure, and expands the Senior Managers and Certification Regime.
This meeting brought together Members of both Houses of Parliament, senior officials from HM Treasury, the Bank of England, PRA, FCA and other relevant departments, as well as banks, mutual and alternative credit providers, lawyers, consumer groups, business and academia, alongside members of the national and trade press.