The Conservative leader will call for the Financial Service Ombudsman (FSO) to be replaced in an overhaul of financial sector regulation.<\/p>\n
In a speech on Thursday at the CityUK annual conference, Mrs Badenoch will say the burden of red tape has become too high and has created a risk averse culture in Britain\u2019s financial industries.<\/p>\n
She will say: \u201cAfter the financial crisis, the City was increasingly treated as a problem to be managed, rather than an asset to be championed. As a result it has suffered.<\/p>\n
\u201cDecisions were made to make an example of the City. And, more than any other nation in the world, Britain tried to remove all risk from our financial markets.<\/p>\n
\u201cFor nearly 20 years, Government has been aiming for a zero-risk environment. The problem is that there are two sides to the risk equation.<\/p>\n
\u201cIf you eliminate risk, you also eliminate reward, you eliminate opportunity, you eliminate innovation, you eliminate growth. This is one of the reasons why the UK has become a low growth economy.\u201d<\/p>\n
Among the measures Mrs Badenoch wants to take is scrapping the FSO, which the Tories said had become unfit for purpose and should be replaced with a streamlined regulatory process.<\/p>\n
She also wants to abolish the ring-fencing regime, which separates banks\u2019 retail and investment arms, and which the Conservatives said prevents them from investing in the real economy.<\/p>\n
The Tory leader also wants to adjust capital requirements for banks \u2013 the amount of cash they hold \u2013 with the aim of releasing \u00a3450 billion for investment.<\/p>\n","protected":false},"excerpt":{"rendered":"The Conservative leader will call for the Financial Service Ombudsman (FSO) to be replaced in an overhaul of…\n","protected":false},"author":2,"featured_media":221888,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[128,130,129],"class_list":["post-221887","post","type-post","status-publish","format-standard","has-post-thumbnail","category-reading","tag-reading-city","tag-reading-city-headlines","tag-reading-city-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/posts\/221887","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/comments?post=221887"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/posts\/221887\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/media\/221888"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/media?parent=221887"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/categories?post=221887"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/tags?post=221887"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}