Financial Services policy briefing: October 2021

It continues to be a busy autumn and we hope members have had a productive party conference season. As we look ahead to the Autumn Budget and Comprehensive Spending Review, as well as COP26 and the CBI’s Annual Conference, there are multiple opportunities for members to get involved and shape our work.

CBI Sustainable Finance Paper

Following several months of close consultation with members of all sizes across the economy, we have finalised the CBI's sustainable finance policy paper Financing the transition to a sustainable future. Thanks to all members who contributed to the process.

In the text, the business community outlines their sustainable finance policy recommendations to UK policymakers on how to effectively mobilise capital to achieve the net zero targets and tackle other pressing environmental and social challenges. The paper provides the government with three key principles for policy responses to build a sustainable economy, sustainable markets, and sustainable communities.

The paper will be published here on Monday 11 October and will support our engagement with policymakers at COP26 and beyond. We have already shared it with government officials to inform their ongoing discussions on the topic. If you would like to receive the report now, please email Julia Jasinska.

Next phase of HMT Future Regulatory Framework (FRF) Review

The FRF Review was established to determine how the overall approach to regulation of financial services needs to adapt to the UK’s new position outside the EU and to ensure the regulatory framework is fit for the future.

The next phase of this process is anticipated shortly, which will set out a package of proposals that builds on the overall blueprint for financial services regulation set out previously, focusing on the split of responsibilities between parliament, the government and regulators.

When published, the CBI will work closely with members and FS trade associations to develop our position and response via member roundtables. To register your interest in attending, please email Megan Coulson.

Ways to get involved

The Bank of England's Central Bank Digital Currency (CBDC) Engagement Forum

The CBI will be a member of the Bank of England’s CBDC Engagement Forum. The Bank of England and HM Treasury will use the forum to inform their approach to CBDC including policy considerations and functional requirements regarding CBDC. More generally, the forum will have an important role in helping the bank and HMT understand the practical challenges of designing, implementing, and operating a CBDC.

Chris Wilford, CBI Head of Financial Services Policy, will be representing the CBI on this forum. To feed into the CBI’s work, please contact Megan Coulson.

See you at COP26

The CBI is finalising the agenda for COP26 and we look forward to seeing you there. On 4 November at 10:00, we will have a sustainable finance husting event, which you can attend in person or online. In the evening, we will welcome organisation leaders at our International Business Dinner with a renowned international speaker. On the 11 November we will continue with more hustings and a drinks reception in the evening. We will also broadcast daily webinars from COP26 available on our website.

Please do not hesitate to get in touch to share your COP26 plans with us. Our team will be present in Glasgow for two weeks and we would love to see you there. For more information, please contact Julia Jasinska.