Podcast: The Devil is in the policy detail – setting the scene

The introductory podcast in The Devil is in the policy detail series, published here today, sets the scene for the project. Mick McAteer and Professor Robin Jarvis from FIC are interviewed by well-known financial journalist John Lappin.

There is a lot going on in this field. The big set piece COP26 event took place in November last year. It’s fair to say that it got a mixed reception. The ambition expressed by world leaders was welcomed by civil society. But, serious concerns were raised that the policy action does not match that ambition.

Each of the major financial market regulators – BoE, PRA, FCA, FRC, and TPR – has a role to play in reforming the financial system. There is a huge amount of work at EU and international level, too. It is not possible to describe all the various initiatives underway. But, some worth highlighting at UK national level include:

As well as getting the regulation and rules right, integrating and coordinating the activities of the regulators will be a major challenge. There are also questions about how these regulations will fit with international rules and initiatives and indeed the already established EU framework. Brexit may have happened. But, what happens in the EU still matter very much to the UK financial sector.

Finally, the government and Treasury, in particular, are seeking to establish a new post Brexit regulatory framework that maintains and builds UK competitiveness. Becoming a green finance hub is one part of this strategy.

So, as you can tell, there is a huge amount to talk about. This first podcast will seek to give a broad overview of the sheer scale of regulatory reform underway. Later podcasts will drill down into specific issues such as the role of the PRA and FCA, and corporate reporting.

We hope the podcasts are informative and interesting. If you have any questions or would like further information on the project, please contact Mick McAteer on mick.mcateer@inclusioncentre.org.uk or mickmcateer92@gmail.com

[1] Time for Action – Greening the Financial System | The Financial Inclusion Centre