While the Treasury has delivered what it set out to do in these six strands of work, namely publishing documents, welcoming a regulatory consultation, and establishing reviews or taskforces, none of these are in of themselves reforms to the UK’s financial services regulations. We do not consider reviews alone to be reforms. They are merely the preparatory work for future potential reforms. We believe the Treasury is incorrect in considering these strands of work as having delivered reforms. O...

While the Treasury has delivered what it set out to do in these six strands of work, namely publishing documents, welcoming a regulatory consultation, and establishing reviews or taskforces, none of these are in of themselves reforms to the UK’s financial services regulations. We do not consider reviews alone to be reforms. They are merely the preparatory work for future potential reforms. We believe the Treasury is incorrect in considering these strands of work as having delivered reforms. Only when the recommendations from these various reviews, taskforces and strategies have been implemented into regulatory rule changes can these be deemed Type: conclusion | Number: 7 | Paragraph: 36 | Response status: not_accepted Government response: I disagree with a number of the Report’s conclusions, some of which appear to be inconsistent. I particularly reject any suggestion that the reforms will not have a substantial impact on the UK economy and the competitiveness of the UK financial ser