The Finance Innovation Lab has submitted evidence to the government’s consultation on the Financial Services Growth and Competitiveness Strategy.We warn against proposals to weaken regulators’ obligations to “have regard” to principles such as sustainability, financial inclusion and consumer protection. These principles ensure that everyday regulatory decisions reflect the public interest, not just narrow competitiveness goals.
At a time when major reforms of sub-sectors like insurance and pensions are underway, which have major environmental and social consequences, regulators must integrate long-term risks like climate change into all decisions, not just high-level strategies.
