PIMFA
THE EDINBURGH REFORMS
The Edinburgh Reforms, announced in December 2022, are a collection of initiatives designed to create a regulatory environment in financial services that better suit the UK market. The initiatives seek to take forward the government’s ambition for the UK to be the world’s most innovative and competitive global financial centre.
The reforms are divided into four categories:
- A competitive marketplace promoting effective use of capital
- A world leader in sustainable finance
- Delivering for consumers & businesses
- A sector at the forefront of technology and innovation
The full list of measures announced can be found here.
- WHY THE EDINBURGH REFORMS ARE IMPORTANT TO PIMFA MEMBERS
Changing regulations that govern the Financial Services industry in the UK could have profound effects across our sector, from firms’ operations to the experience of consumers.
For example, the reforms aim to repeal the Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulation and set out a new direction for retail disclosure, and potentially reform the Senior Managers & Certification Regime (SMCR).
It will be important that the reforms, such as the examples mentioned above and many others announced, can boost the competitiveness of our sector and UK markets whilst striking the right balance between stability, innovation and consumer protection.
31 measures are being looked into under the Edinburgh Reforms. PIMFA is currently focusing on the following priority areas on behalf of our members:
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