King's Speech: Regulation should not be seen as enemy of growth, says ICAS

MEDIA STATEMENT - The Institute of Chartered Accountants of Scotland (ICAS) has reacted to the announcement of the Enhancing Financial Services Bill and Regulating for Growth Bill in today’s King’s Speech.

Gail Boag, ICAS CEO, said: “The King’s speech announced measures to support British businesses, including reducing the burden of unnecessary regulation and improving the performance of regulators in encouraging economic growth. 

“The UK’s regulatory system needs to be modernised to ensure it is clear, trusted and predictable, and backed by regulators that command confidence. Getting this reform right is essential to maintain the UK’s position as a global financial centre and support long‑term, sustainable economic growth. 

“We understand that the government needs to pursue growth, but regulation should not be seen as the enemy of growth. Proportionate, purposeful and well-designed regulation helps give both investors and consumers confidence. It is that confidence which drives growth. Good regulation is there to protect the consumer, but also investors, and we should be wary of reform at the cost of accountability and clarity. 

“We look forward to working closely with government and other stakeholders once we’ve had the opportunity to review the detail.”