Mansion House speech: risk rebalanced

The Chancellor’s Mansion House speech – delivered on 14 November – was an important one: it outlined in principle the need for less restrictive regulation in order for the UK to be competitive and grow the economy.

“The Financial Ombudsman Service plays a vital role for consumers to get redress when things have gone wrong, and that will not change,” Rachel Reeves said. “But reform is needed to create a surer climate for investment.

“So we have worked closely with the FCA and the Ombudsman to develop a new agreement on how they cooperate including on historic market practice and mass redress events.”

You can read the responses from the FCA and FOS by clicking on the relevant links.

We also have the FCA saying it is consulting on extending the time motor finance firms have to handle commission complaints, something which the BVRLA has been pushing hard on.

I think it gives brokers positive encouragement that action is being taken to clarify what’s required for brokers to remain compliant – at the highest level – and I suspect we’ll be hearing more news about this shortly.

In the meantime, we have informed discussion about the Court of Appeal decision from both brokers and the BVRLA in today’s newsletter.

Photo: HM Treasury