UK watchdog to cut financial sector rules after calls from business

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Consumer’s finances, investments and more than 100 pages of mortgage lending are “retired” by the British Financial Guard in response to the business and government calls to correct its rules.

Is Authority of Financial Behavior He said that it will also restore hundreds of controllers and will reconsider its “prescription rules” to provide more flexibility to companies such as online transactions.

Announcement is rare for a regulator better to create new rules than Chancellor Rachel Reves declared a “radical action plan for cutting red ribbon.”

FCA management book simplification, which passes more than 10,000 pages, came as a regulator, willingly announced it A new five-year strategy Tuesday, which will include an obligation to support economic growth, lighting the regulation load.

Last year, the observer called on financial companies to offer rules that could be destroyed, as they coincide with its consumer duty, which requires companies to be acquitted and received “good results.”

One FCA field plans to review its regulations for credit advertising, to study whether long-term conditions and conditions are needed. It will also affect whether businesses should continue to use the rules of Great Britain to foreign customers in areas such as insurance.

“Now the consumer debt is fully valid, we make rapid changes where the stakeholders want us to cut off extra costs, and finally help consumers, consumers and consumers.

Some companies complain that the consumer debt is very uncertain, and they prefer that FCA will keep detailed rules to give them a better idea of ​​what is allowed.

The observer noted that the “simple reaction of the industry, which is now is time for the widespread changes of its rules,” that will they get a widely common justification?

Supervisory publications, which will be returned to its new approach to FCA, include “Dear CEO” letters with a certain part of the portfolio and various and thematic reviews, which are outlined in 2022.

Pritchard said: