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Speaking at the annual City Banquet on Wednesday evening at the Mansion House, Lord Mayor of the City of London, Andrew Parmley, is expected to call for the Government to provide more clarity for business on the issue of a transitional deal.
The Lord Mayor will give a speech alongside Andrew Bailey, Chief Executive Officer, Financial Conduct Authority and Sam Woods, Chief Executive Officer, Prudential Regulation Authority.
The Banquet is an opportunity for the City, and the financial services industry in particular, to strengthen its links with the national regulators. Attendees include senior figures from the Prudential Regulation Authority and the Financial Conduct Authority, the Bank of England and Government departments, with business representatives drawn from a wide range of sectors subject to regulation, including senior executives from regulatory and compliance areas, in addition to chairmen and chief executives.
Lord Mayor Andrew Parmley is expected to say:
“Our regulatory regime is now one of the City’s most important selling points. That’s a real testimony to the vision of our regulators over the last few years.
“To quote David Davis, forget the post-Brexit race to the bottom, we’ve already won the race to the top. Which is why more new banks have started in the UK in recent years than in the rest of the G7 combined.
“We can maintain that lead. By protecting the strength, proportionality and attractiveness of our regulation.
“And by refuting the economically illiterate calls of those who seek to erect barriers in the international network of clients, suppliers, support staff and providers that keeps costs low, choice high and innovation efficient.
“We owe it to the sector – and to the global financial system – to do all we can not only to maintain our collaborative approach, but to enhance it.
“That is why we cannot have a cliff-edge at the moment of Brexit – businesses must have the certainty of how they will be regulated, and that requires a transition period.
“We welcome the Government’s proposal on transition – this will be our bridge to the future. But the idea must become reality, translated into a legal agreement before the end of the year.
“The longer this is left, the more it damages all our futures – not only in the UK, but the economy right across the EU.
“We also need to know more about the final state, after transition. How can the UK’s most profitable industry be expected to programme its satnav without knowing the destination?”
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