The pace of regulatory reform since the outbreak of the financial crisis has been intense. The European Commission has stated that the majority of reforms have now been agreed. It is therefore an opportune moment to step back and assess the strengths and weaknesses of the new regulatory framework and how agreed and proposed EU regulations interact with each other.
The inquiry will seek to identify any overlaps, contradictions or inconsistencies between individual regulatory reforms, as well as identifying any gaps in the regulatory landscape that remain. The inquiry will also focus on the tensions in the regulatory agenda between the Single Market and the Single Currency.
This inquiry is an opportunity to:
- Take stock of the progress made in reforming the financial system;
- Assess the functioning of the financial regulatory framework as a whole and its impact on financial sector actors and consumers alike;
- Acknowledge any gaps, overlaps or inconsistencies in the regulatory framework; and
- Seek to ensure that adverse consequences and unnecessary complexities do not undermine the functioning of the Single Market in financial services.
- Focus on the implications of the regulatory agenda for the UK, and the extent to which its interests have been impinged or enhanced.
Public hearings will be held from July through to October 2014. The Committee aims to report to the House, with recommendations, in January 2015. The report will receive a response from the Government, and may be debated in the House.