Abena closes the debate on Financial Services and Markets Bill
We recognise that regulatory divergence from the EU will produce opportunities for the Financial Services sector. Labour is committed to supporting the City to retain its competitiveness on a world stage and supporting the UK to remain a global financial centre outside the EU. This should not, however, mean any compromise on financial stability or consumer protections.
The debate also highlighted how small and medium-sized businesses, such as hairdressers and nail salons, rely on cash payments. All too often, the most vulnerable in our society are unable to afford or are denied access to financial products and services that meet their needs. The Government should recognise that the Bill is an opportunity to rethink how financial resilience, inclusion and wellbeing issues are tackled in the UK.
You can watch my speech using the following link here, and you can read my speech here