Be informed about free updates
Simply log in to UK Financial Regulation Myft Digest – delivered directly to your arrived mail.
The Treasury in the UK has launched an overview of the financial ombudsman service to deal with concern to act like a “quasi regulator”, as part of a wide plan to reduce the burden of bureaucracy at work discovered on Monday.
Review of the City Minister Emma Reynolds He underlines that the ordinary low -key body, which deals with consumer complaints against the financial sector, has inserted the center of attention because of its role in a scandal with multi -million dollar pounds for car financing.
The treasury announced that the Ombudsman review “expected to be completed by the summer, and the Government is ready for legislation to ensure that we have a system of resolving disputes in the UK, which is suitable for a modern economy.”
Reynolds would question concern about whether FOS “sometimes, as a quaziregulator”, “using today’s standards to actions that have occurred in the past,” the Ministry of Finance said.
An overview would also review the “practices that have grown up to compensate over time,” it added. Fos said: “We welcome this examination based on the work we are currently performing with the financial behavior body to improve the dispute solution system in the UK, so it is suitable for modern economy.”
The move is part Wider “radical action plan” to control regulation and increase economic growth. This is followed by the Government’s Decision of AXA Patchdog in the UK last week, and in January and the overthrow of the chairman of the competition regulator.
Chancellor Rachel Reeves – who invited the leading guards to Downing Street on Monday – she urged ministers to suggest more than 130 or more regulators that could be abolished and promised to accelerate the bureaucratic processes and reduce 25 percent of the estimated 70 billion in annual administrative costs.
FOS is unlikely to be abolished. However, the heads of finance have called for their powers to investigate unresolved consumer complaints and compensation from the companies that will be suppressed.
Body examination intensified due to recent verdicts in favor of consumer in the UK Allegedly misleading car financing sales. It is expected to become one of the largest financial scandals in the country, which costs lenders of as much as £ 44 billion.
Financial behavior authority, the main financial regulator, is already conducting a renewal system with FOS, adding feeling of restlessness With Ombudsman after his executive director suddenly resigned, and his chairman said he would leave in August.
As part of the wider action plan, the G
The Government announced that the only “leading environmental regulator” would be appointed for all major projects to make decisions on behalf of several bodies.
A new model, designed to reduce the regulation layers and create individual “front doors” for large schemes, would initially be tested with projects, including the transition of the Lower Temza to East London.
More than 1.2 billion pounds have been spent so far At the transition, although the construction did not start on a £ 10 billion tunnel project, in the cost of the British sclerotic planning system.
The Government will also be advised to liberate the needs for environmental permits from certain “low -risk activities”.
Ministers will open consultations within a few weeks to evaluate the impact of removing some legal advisers for projects, while clearly showing that the councils should consult these organizations only “where it really needs”.
Natural England, Government Agency, will revise its permanent advice to local bodies for planning on bats dealing with fierce criticism £ 100m-plus a “bat tunnel” construction By high speed 2 protect the flying mammals from fast trains.
Other areas intended for simplification include the delivery of large water projects, such as the Abingdon tank near Oxford and FNESAr near Cambridge.
The ministers revived Oxford-Cambridge ARC Central in their economic growth mission, but concern due to lack of water led to the delay in the development of the Environmental Protection Agency, the Guardian of Pollution in England.
The treasury said that the change of approach to the use of the model that provided the Thames Tideway project, which led to the alleviation of some licenses and environmental requirements, enable the “main water project” faster.
In other areas, the Government has committed to reduce the costs of the regulations for business, including the Environmental Department, reducing the chemical registration fees in the British security base.
The database was introduced after Brexit when the UK was no longer able to participate in the EU Reach scheme, which made it possible for companies to pay a unique registration for chemicals that would be used in EU 27 markets.
More than 90 percent of companies would have savings of “Estimated £ 40m in total over the next six years,” the Government said, a fraction of the original estimated costs to create reach in the UK.
