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Treasury Financial Services Regulations Sub-Committee publishes quarterly progress report

20 March 2023

The Treasury Committee’s Financial Services Regulations Sub-Committee today publishes an outline of its work in the first quarter of 2023.

The Sub-Committee takes the lead on examining regulatory proposals for financial services. The report outlines which proposals have been examined in this quarter and details its working methods.

The Sub-Committee has continued its work on proposals from the Payment Systems Regulator to mandate banks and building societies to reimburse scam victims.

It has conducted scrutiny of reforms to Solvency II, sustainability disclosure requirements and investment labels, and broadening access to financial advice.

The Sub-Committee will be writing to regulators on further topics, including insurance guidance for the support of customers in financial difficulty, debt packagers, and the Financial Services Compensation Scheme - Management Expenses Levy Limit.

Commenting on the report, Harriett Baldwin MP, Chair of the Treasury Sub-Committee on Financial Services Regulations, said:

“The Treasury Sub-Committee is conducting important work to scrutinise proposals brought forward by the UK’s financial regulators, who have gained additional responsibilities since our exit from the European Union. We have carried out vital oversight of a number of proposals, in particular those to mandate reimbursement for fraud victims, and reforms to prevent investment funds from greenwashing.”

Further information

Image: UK Parliament/Tyler Allicock