Following the Government statement on last Thursday’s Mansion House speech, Dame Harriett Baldwin questions the Economic Secretary to the Treasury about the possible dismantling of the Senior Managers Regime - the regulatory framework used in the City of London to ensure accountability and governance in the financial services sector.
Dame Harriett Baldwin (West Worcestershire) (Con)
I declare an interest as a trustee of the parliamentary pension scheme. There is a lot to welcome in the Chancellor’s Mansion House speech, a lot of which was taken from the Mansion House and Edinburgh reforms of the previous Chancellor. I particularly welcome the increase in access to financial advice that the Minister has said she is taking forward. Can the Minister confirm the end of the senior managers regime in the City, which I believe was in the Chancellor’s speech, and if that is the case, how does she plan to take it forward and will it require primary legislation?
The Economic Secretary to the Treasury (Tulip Siddiq)
The Government will consult on replacing the certification regime, and will seek the views of industry and all interested stakeholders in doing so. We are working closely with the PRA and the FCA on that. If the hon. Lady meant certification of the senior managers regime, we are keeping that under review at the moment, but it was not mentioned in the way that she thinks it was.