This will be an important step in the establishment of a single regulatory body to oversee all the financial markets and to bring the regulatory structure much closer to the way in which today's commercial markets and companies are organised and managed on an integrated basis. I am also announcing the Government's plans for reform of the financial services regulatory structure. Financial services lie at the heart of a modern, dynamic economy. The effectiveness and competitiveness of all our industries depends on the availability and efficiency of the increasingly wide array of financial products and services. The standard of living of all of us depends on them, particularly in retirement.
Financial services are often complex and long term.
Products, markets and advice must therefore be fair, honest, transparent and command confidence. This division is inefficient, confusing for investors and lacks accountability and a clear allocation of responsibilities. Reform is long overdue to simplify the delivery of financial service regulation. At the same time, it is important to preserve the beneficial aspects of the current Act, including practitioner involvement and differential levels of regulation for wholesale and retail business. The Government is committed to reform, as promised in its manifesto, to reduce the chance of events such as the mis-selling of personal pensions happening again.