London Daily

Focus on the big picture.
Wednesday, Sep 03, 2025

Britain's finance ministry flags reforms, defends regulators

Britain's finance ministry flags reforms, defends regulators

Britain's finance ministry flagged several reforms on Thursday and defended regulators from criticism they are too slow to license firms, saying flawed applicants must not get through.
The ministry and regulators face pressure to make financial rules more flexible to keep London globally competitive after Britain's departure from the European Union.

The Financial Conduct Authority has been criticised for being slow in authorising crypto firms as it grapples with an internal revamp and pay structure that has disillusioned some staff.

Financial services minister John Glen said he has a "very high regard" for the leadership at the FCA and its counterpart at the Bank of England, and that some people criticised regulators just because they don't get what they want.

Glen said he was aware of frustration over licensing waiting times and has told FCA CEO Nikhil Rathi that the complexity of new types of financial firms like crypto means that some thought needs to be given to being more responsive.

Some applicants, however, had no experience of dealing with regulators and needed to recognise they must adhere to high standards, he said.

"Just not responding quickly to a request isn't necessarily a bad thing if there are underlying flaws in the business model of an applicant," Glen told a House of Lords committee.

"We should not be looking to be nimble at all costs."

He faces pressure to use "freedoms" from Brexit and has been been considering rules for sectors like cryptoassets.

Glen said he may comment further next week on crypto, and a consultation paper is due after Easter on reform of the so-called matching adjustment in insurance solvency rules.

Legislation on a new framework for writing financial rules could be brought to parliament imminently, Glen said, which would help regulators respond faster to market changes.

But having a primary, rather than secondary objective for regulators to consider any impact of a proposed rule on the competitiveness of the industry was a "non-starter", he added.

A change in rules could allow for the growth in Britain of "captives" or licensed in-house insurers set up by corporates looking to cut costs through self-insurance, he said.

"It's ripe for further work to be done. I hope that we would see that evolution in the way insurance and reinsurance is offered to big corporates," Glen said.
Newsletter

Related Articles

0:00
0:00
Close
Google Avoids Break-Up in U.S. Antitrust Case as Stocks Rise
Couple celebrates 80th wedding anniversary at assisted living facility in Lancaster
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
The White House on LinkedIn Has Changed Their Profile Picture to Donald Trump
"Insulted the Prophet Muhammad": Woman Burned Alive by Angry Mob in Niger State, Nigeria
Trump Responds to Death Rumors – Announces 'Missile City'
Court of Appeal Allows Asylum Seekers to Remain at Essex Hotel Amid Local Tax Boycott Threats
Germany in Turmoil: Ukrainian Teenage Girl Pushed to Death by Illegal Iraqi Migrant
United Krack down on human rights: Graham Linehan Arrested at Heathrow Over Three X Posts, Hospitalised, Released on Bail with Posting Ban
Asian and Middle Eastern Investors Avoid US Markets
Ray Dalio Warns of US Shift to Autocracy
Eurozone Inflation Rises to 2.1% in August
Russia and China Sign New Gas Pipeline Deal
China's Robotics Industry Fuels Export Surge
Suntory Chairman Resigns After Police Probe
Gold Price Hits New All-Time Record
Von der Leyen's Plane Hit by Suspected Russian GPS Interference in an Incident Believed to Be Caused by Russia or by Pro-Peace or by Anti-Corruption European Activists
UK Fintechs Explore Buying US Banks
Greece Suspends 5% of Schools as Birth Rate Drops
Apollo to Launch $5 Billion Sports Investment Vehicle
Bolsonaro Trial Nears Close Amid US-Brazil Tension
European Banks Push for Lower Cross-Border Barriers
Poland's Offshore Wind Sector Attracts Investors
Nvidia Reveals: Two Mystery Customers Account for About 40% of Revenue
Woody Allen: "I Would Be Happy to Direct Trump Again in a Film"
Pickles are the latest craze among Generation Z in the United States.
Deadline Day Delivers Record £125m Isak Move and Donnarumma to City
Nestlé Removes CEO Laurent Freixe Following Undisclosed Relationship with Subordinate
Giuliani Seriously Injured in Accident – Trump to Award Him the Presidential Medal of Freedom
EU is getting aggressive: Four AfD Candidates Die Unexpectedly Ahead of North Rhine-Westphalia Local Elections
Lula and Putin Hold Strategic BRICS Discussions Ahead of Trump–Putin Summit
WhatsApp is rolling out a feature that looks a lot like Telegram.
Investigations Reveal Rise in ‘Sex-for-Rent’ Listings Across Canada Exploiting Vulnerable Tenants
Chinese and Indian Leaders Pursue Amity Amid Global Shifts
European Union Plans for Ukraine Deployment
ECB Warns Against Inflation Complacency
Concerns Over North Cyprus Casino Development
Shipping Companies Look Beyond Chinese Finance
Rural Exodus Fueling European Wildfires
China Hosts Major Security Meeting
Chinese Police Successfully Recover Family's Savings from Livestream Purchases
Germany Marks a Decade Since Migrant Wave with Divisions, Success Stories, and Political Shifts
Liverpool Defeat Arsenal 1–0 with Szoboszlai Free-Kick to Stay Top of Premier League
Prince Harry and King Charles to Meet in First Reunion After 20 Months
Chinese Stock Market Rally Fueled by Domestic Investors
Israeli Airstrike in Yemen Kills Houthi Prime Minister
Ukrainian Nationalist Politician Andriy Parubiy Assassinated in Lviv
Corporate America Cuts Middle Management as Bosses Take On Triple the Workload
Parents Sue OpenAI After Teen’s Death, Alleging ChatGPT Encouraged Suicide
Amazon Faces Lawsuit Over 'Buy' Label on Digital Streaming Content
×