Rachel Reeves to reform the bank’s bases in the United Kingdom to repair financial services

The advisor announced plans to reform the Ringfense bases that force banks in the United Kingdom to separate their retail and investment banking activities, as part of a set of measures to alleviate regulations and install more investment in financial markets.

Rachel Reeves said that the changes in the Ringfense bases that have been strongly criticized will help to liberalize the capital to banks as part of the government’s campaign to enhance growth by placing the “UK in the financial companies race”.

Advisor to the counselor Organizational stop – It was called “Leeds Reforms” – in the city of Yorkshire before reviewing her letter of financial services at Manssion House in London on Tuesday evening.

“Today’s measures, Leeds reforms represent the widest set of reforms for financial services for more than a decade,” Refiz He said.

Establishing plans to double the rate of growth in the net financial services exports over the next decade, Reeves announced a series of proposals to alleviate the areas of organization that complain about companies that raise activity and growth.

The pioneering consumer duty rules for financial behavior, which require financial companies to ensure good results for good results, will be reduced to prevent them from applying to business activities.

The financial grievance secretary will be repaired after repeated complaints about the industry as a “semi -organizer” with plans to reduce its powers by ensuring “more compatible decisions” with FCA rules.

The Treasury plans to reformulate the system for internal insurance, reduce capital requirements and report the entities that companies have created to protect themselves from risks to encourage hundreds of these units to create or bring them on the beach.

Other moves include launch a Conservative service To help foreign financial services companies created in the United Kingdom, changes in government to encourage banks to lend more to buyers for the first time with low incomes, and a plan to allow the listed companies to raise more stock problems without the issuance bulletin.

“We now need to work together to restore life, to make sure-whether more buyers for the first time get mortgages (or) more companies that reach the capital to start and expand its scope, then in the end to include it in the United Kingdom-this is our job now,” Reeves said.

The government is also planning to extinguish the first manager significantly and the rules for issuing certificates, as fewer financial employees must be evaluated for their suitability to play their role.

Reeves said that the changes to the rules of Ringfing Bank, which will be examined as part of a review led by the city’s Minister of Emma Reynolds, include allowing lenders to provide more dangerous products for retail customers and reduce borders on the services of the back office provided from outside the Ringfation.

Among the ads, the UK will also pressure the plans for Pork sharing certificates And the contacts of financial investors in a long -awaited step to save money by digitizing the shareholders’ records and bringing the United Kingdom with many other countries.

Separately, Reeves gave details of plans to persuade people to switch their savings from ISAS cash to stocks and stocks, in a campaign that hopes to increase the availability of capital to growing companies and enhance returns for savings.

The consultant announced that the major financial institutions will support an advertising campaign to enhance the opportunities provided by investment in stocks. Reeves believes that consumers should be encouraged to withstand more enlightened risks.

The Treasury claimed that in the current directions, the transfer of 2000 pounds from the accounts of the low interest to stocks and stocks may leave “millions of people 9,000 pounds in 20 years.” The Treasury said that the United Kingdom has the lowest level of retail investments in the G7 group of rich economies.

The idea of promoting “popular capitalism” has led to comparisons with the Margaret Thatcher campaign in the eighties of the last century to encourage ordinary people to invest in privatized British gas.

Banks will also enhance investment opportunities directly for people with money sitting in low -interest accounts for the first time. The Treasury said that there is a review of “risk warnings on investment products.”

The city’s reaction was widely positive, as repairs dealt with many of the main rings that the financiers complain.

“The start of an investment revolution can enhance family finances and capital markets in the United Kingdom in this process,” said AJ Bell, Michael Samar, CEO of Investment Company. “Decally, the government should realize that this cannot be achieved by Diktat.”

But Romin Dabir, a partner at the law firm Red Smith, warned of the risk of leaving consumers who are exposed to great risks. He said: “The cutting of unnecessary compliance burdens always welcome, but the challenge lies in determining the location of the line.” “The risks must be encouraged, but only when it is responsible.”

Reeves retreated from plans to announce the immediate Criticism reforms ISAS-She was looking to reduce the exempt from taxes that could be saved in such products-after a violent reaction from built societies and consumer heroes.

The Treasury said that Reeves “will continue to consider the reforms of the arbitrary bonns and savings to achieve the right balance between monetary savings and investments.” Investors in shares and shares will be granted access to long -term asset funds, which invest in private market assets, such as private stocks and infrastructure.

The advisor also launches a new talent team to attract international specialists in the sector led by the Financial Services Skills Committee. The committee warned of the skills gap at a time of technological and demographic change, saying that a quarter of the year of financial services in the United Kingdom was to leave high -skills roles over the next decade.