Featured Product

    HMT Publishes Vision for Future of Financial Services Sector

    July 05, 2021

    Her Majesty's Treasury (HMT) published a policy paper that sets out the government’s vision for open, green, and technologically advanced financial services sector. The government’s vision is shaped around four key themes: an open and global financial hub, a sector at the forefront of technology and innovation, a world-leader in green finance, and a competitive marketplace promoting effective use of capital. HM Treasury also published remarks from the Chancellor on the next steps the government is taking to deliver its vision for the future of financial services in the UK. HM Treasury also published a number of consultations that take forward this strategy for future of financial services sector as well as a response to its call for evidence on Solvency II.

    To position the financial sector at the forefront of technology and innovation, the government will support and facilitate safe adoption technologies, such as cryptoassets and stablecoins, and develop a new sandbox for the financial market infrastructure. Furthermore, toward its vision of becoming a world-leader in green finance, the government will:

    • Use the UK’s international leadership of COP26 to build a global financial system that mobilizes private finance to support the re-engineering of economies for net zero. This will ensure every professional financial decision takes climate change into account.
    • Rally the financial services sector to commit to net zero through membership of the Glasgow Financial Alliance for Net Zero. The government will also work closely with the regulators to encourage and support firms to publish transition plans and will provide further details before the end of 2021.
    • Combat greenwashing with common and transparent definitions of sustainable activities and investments. To deliver this, the government has established the Green Technical Advisory Group to provide advice on the implementation of the UK Green Taxonomy.
    • Require businesses to disclose their risks and opportunities from, and impact on, the climate and the environment through implementing integrated sustainability disclosures requirements. This economy-wide regime will cover real-economy corporates, financial services firms, and pension schemes. The government will work closely with the regulators to ensure strong coordination and a coherent approach across the economy, and will publish a roadmap setting out its approach to sustainability disclosures ahead of COP26.
    • Enable consumers to quickly and easily see the environmental impact of their investments. The government will work with the FCA to introduce a sustainable investment label. This will cover retail investments using information provided through the sustainability disclosures requirements.
    • Position the UK as the leading global market for high-quality voluntary carbon offsets. This effort will be led by Dame Clara Furse’s newly established UK Voluntary Carbon Markets Forum.

     

    Related Links

    Keywords: Europe, UK, Banking, Insurance, Securities, Climate Change Risk, ESG, Green Taxonomy, COP26, Sustainable Finance, Regtech, Disclosures, HM Treasury

    Featured Experts
    Related Articles
    News

    HKMA Publishes Hong Kong Taxonomy for Sustainable Finance

    The Hong Kong Monetary Authority (HKMA) published the Hong Kong Taxonomy for Sustainable Finance.

    May 21, 2024 WebPage Regulatory News
    News

    EU Taking Steps to Set Out and Enforce AI Regulations

    Many believe that the transformative power of generative artificial intelligence (GenAI) has potential to reshape the financial sector in the time to come.

    May 21, 2024 WebPage Regulatory News
    News

    ISSB Releases Digital Sustainability Disclosures Taxonomy

    The themes of the harmonization and interoperability of sustainability disclosure standards among various jurisdictions remain at the top-of-mind for international standard-setting bodies.

    May 21, 2024 WebPage Regulatory News
    News

    BCBS Report Studies Implications of Digitalization of Finance

    The Basel Committee on Banking Supervision (BCBS) published a report that examines the implications of the digitalization of finance for banks and supervisors.

    May 21, 2024 WebPage Regulatory News
    News

    BCBS Consults on Guidelines for Counterparty Credit Risk Management

    The Basel Committee on Banking Supervision (BCBS) is seeking comments, until August 28, 2024, on guidelines for counterparty credit risk management of banks.

    May 21, 2024 WebPage Regulatory News
    News

    BIS Paper Outlines Vision for Future Financial System

    In a recent paper, the General Manager of Bank for International Settlements (BIS) and the Indian entrepreneur (Infosys co-founder) Nandan Nilekani have laid out a vision for the Finternet, which is proposed to be a network of multiple financial ecosystems, much like the internet.

    April 29, 2024 WebPage Regulatory News
    News

    NGFS Outlines Options for Supervisory Review of Transition Plans

    The Network for Greening the Financial System (NGFS) recently published three reports on the use of transition plans to boost sustainable finance and manage climate-related financial risks.

    April 29, 2024 WebPage Regulatory News
    News

    BCBS Issues Discussion Paper on Climate Scenario Analysis

    The Basel Committee on Banking Supervision (BCBS) issued a discussion paper on the use of climate scenario analysis to strengthen the management and supervision of climate-related financial risks.

    April 29, 2024 WebPage Regulatory News
    News

    OSFI Issues Phase2 Consultation on Climate Scenario Exercise for Banks

    The Office of the Superintendent of Financial Institutions (OSFI) recently announced a consultation on the second phase of the Standardized Climate Scenario Exercise (SCSE) for banks and other financial institutions it regulates in Canada.

    April 25, 2024 WebPage Regulatory News
    News

    CFIT to Chair Open Finance Taskforce Announced by UK Government

    The UK government announced the formation of an industry-led Open Finance Taskforce, chaired by the Center for Finance, Innovation, and Technology (CFIT).

    April 25, 2024 WebPage Regulatory News
    RESULTS 1 - 10 OF 8967