Bim Afolami News

The upcoming UK election is swaying towards Labour, but likely won’t change the trajectory of the Conservative’s crypto legislation efforts.

The UK government intends to get lawmakers to approve new legislation for stablecoins and staking within the next half-year.

Responding to a consultation exercise that kicked off in February, HM Treasury and the Bank of England emphasise that no final decision has been made to pursue a digital pound. Instead, work will continue during the design phase exploring its feasibility and potential design choices. The feedback from respondents from a range of industries and organisations was largely supportive of the proposed design set out in the 2023 Consultation Paper, while other respondents raised concerns about the implications of a digital pound for access to cash, users’ privacy, and control of their money. To address these concerns, HM Treasury confirms that if a digital pound were to be implemented, primary legislation would be introduced, and this would guarantee users’ privacy and control.

Responding to a consultation exercise that kicked off in February, HM Treasury and the Bank of England emphasise that no final decision has been made to pursue a digital pound. Instead, work will continue during the design phase exploring its feasibility and potential design choices. The feedback from respondents from a range of industries and organisations was largely supportive of the proposed design set out in the 2023 Consultation Paper, while other respondents raised concerns about the implications of a digital pound for access to cash, users’ privacy, and control of their money. To address these concerns, HM Treasury confirms that if a digital pound were to be implemented, primary legislation would be introduced, and this would guarantee users’ privacy and control.

UK financial watchdogs, the Financial Conduct Authority and Prudential Regulation Authority, are already subject to questioning by the House of Commons’ Treasury Select Committee.

'We are working to strengthen the attractiveness of UK capital markets and supporting UK competitiveness and growth.'

The Financial Services and Markets Act 2023 made the Treasury, rather than the regulators, responsible for the appointment of the financial regulators complaints commissioner.

Edelman Smithfield global head of financial services Andrew Wilde speaks to Bim Afolami

The FCA noted that the proposals were high-level at this stage, not definitive and reflected early thinking. The regulator said they would evolve based on stakeholder feedback and further engagement.

A review of the senior managers regime is also on the table, which would lead to an evolution in the regulations rather than an overhaul. | Credit: iStock

The new minister for the City of London has called on regulators to adopt a more accommodating approach towards risk-taking in a bid to revitalize the UK’s stagnating economy.

Blackman accused the regulator of understating investor losses, misrepresenting the value of the redress scheme, acting inappropriately by endorsing the scheme and failing investors by not publishing its investigation into the fund and its former manager.

King Charles II has approved the appointment of Member of Parliament Bim Afolami to the position of economic secretary to the Treasury of the United Kingdom.

Former City minister Andrew Griffith (pictured)

UK regulators are suffering from a "democratic deficit" which is holding back growth, according to a new report from a high-profile group of MPs.