UK Finance has published its submission to the Government ahead of the Chancellor’s Mansion House speech on 15 July.

Key areas highlighted in the banking body’s submission include reforms to both capital markets as well as the Financial Ombudsman Service (FOS).

UK Finance said the submission builds on its previously issued “plan for growth” and has set out ideas to help the financial services sector to support UK businesses, consumers and the government’s growth mission.

For capital markets, UK Finance said it wants to see the Government fully implement the “ambitious reform agenda of the past five years”, to unlock the “full wealth-creating potential” of UK markets. This includes delivering in-flight reforms such as those to public offers and admissions to trading.

For the FOS, the banking body also said the Government should set out how the Ombudsman and the Financial Conduct Authority (FCA) will work together to stop the FOS acting as a “quasi-regulator” and also put in place a time limit on complaints. UK Finance said that this certainty and stability would better allow firms to innovate in the interest of consumers.

UK Finance chief executive, David Postings, said: “Last year, the Chancellor rightly said the UK had become too cautious. This year’s speech and new financial services strategy provide the opportunity to act on that and take a careful but decisive move away from risk aversion, towards a more balanced and internationally competitive approach to regulation.

“This will enable the financial services sector to better help UK businesses, consumers and the Government’s growth mission – something we all strongly support.”

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