Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what recent progress he has made on implementing the recommendations of the Taskforce on Innovation, Growth and Regulatory Reform relevant to his Department.

HM Treasury welcomes the independent report from the Taskforce on Innovation, Growth and Regulatory Reform (TIGRR) and strongly supports its objective to ensure that the UK’s regulatory framework effectively facilitates innovation and growth. On 16 September 2021 Lord Frost set out the government’s response to the TIGGR report in a statement to the House of Lords, which was accompanied by a letter to Sir Iain Duncan Smith MP.

HM Treasury is progressing work relevant to a number of these recommendations. For example, new rules will come into effect on 1 December 2021 on disclosure of detailed costs and charges for professional clients and eligible counterparties.

More broadly, the Chancellor set out an ambitious vision for the financial services sector at his Mansion House speech in July. The government is clear that the UK has a unique opportunity to assess whether it wants to do things differently, to ensure the financial services sector has the right rules and regulations for UK markets, and to build a system that continues to be one the rest of the world looks towards.