Labour and the future of financial services regulation and enforcement

The Labour victory on 4 July 2024 represents the first time since 2010 that the party has been given the opportunity to shape the way in which the UK financial services sector is regulated. Given the importance of the sector to the UK economy – in terms of output, tax revenue and employment – effective policy-making here is crucial.

The Labour manifesto does not go into enormous detail about its plans for financial services - it says even less about the specifics of regulation. More insight can be found in Labour’s policy paper, Financing Growth, although this too is somewhat high-level. To an extent this is unsurprising – regulatory policy is largely set by regulators within the legal framework set by Parliament. It’s also true that manifesto and pre-election policy commitments in this space may not ultimately translate into reality. 

To help firms prepare for what might lie ahead we have reviewed all Labour’s statements on financial services in the run up to the election and attempted to read between the lines, identifying the key macro points that could determine Labour’s approach to financial regulation.  Click here for our insights.

Want a wider view?  Listen to our podcast episode examining the way that the change of government could affect regulation across different sectors, from technology, sport, financial services and utilities.