For example, that is why we have removed unnecessary EU restrictions, limiting when firms can make distributions which would take them into their capital buffers. It is why we removed an EU requirement that international groups with significant activities would be required to operate underneath a single intermediate parent. It is why we have already delivered a 15% reduction in the reporting burden on insurers across the sector and significantly more for smaller firms with further reductions to come. And it is why we will be consulting on the removal of the bonus cap in the autumn which we did not agree with when it was first introduced. Rather we believe that the Senior Managers Regime and remuneration rules requiring deferral of bonus payments are more effective tools for ensuring bankers take proper account of risks. And we will continue to delete unnecessary rules, including onshored EU material. We have already deleted thirteen EBA and EIOPA Guidelines, five superseded Supervisory Statements and twenty-six PRA Technical Standards (with relevant parts made in rules). We will do more. Indeed, when a menu of options is available for pursuing safety and soundness, we will choose the one that facilitates competitiveness and growth. Becoming more responsive, accountable, and accessible We must also take the opportunity to strengthen our accountability to Parliament and the public, and to make our rules more accessible. Being accountable means having clear justifications for our policies and being open and responsive to challenge. The Financial Services and Markets Bill will strengthen our accountability to Parliament.
See Cassis, Y, tr. Collier, J (2006), ‘Capitals of Capital: A History of International Financial Centres 1780–2005’. See also Pogliani, P, von Goetz, P and Woolridge, P (2022), ‘The outsize role of cross-border financial centres’, BIS Quarterly Review, June 2002, pages 1–15. 13. See industry survey responses summarized in The Global Financial Centres Index 30, September 2021 14. IMF Country Report No. 22/105, April 2022 15. House of Commons Library, ‘Bank rescues of 2007-09: outcomes and cost’, October 2018 16. Institute for Fiscal Studies, ‘10 years on – have we recovered from the financial crisis?’, September 2018 17. Regulatory Initiatives Grid 18. Prudential and Resolution Policy Index