City Regulators’ Dinner

I had the honour of hosting the City Regulators’ Dinner at Mansion House – and to commend the remarkable shift we’ve seen in our regulators’ approach over the past year.

Thanks to the leadership of the FCA and PRA, and the collaboration of many across the sector, the wall of over-caution that has held us back for too long is finally coming down.

Our 'Regulating for Growth' report called for a smarter, more confident regulatory culture that protects consumers and enables innovation. I’m pleased to say we’ve seen strong progress on six of its ten recommendations — from reforming the Financial Ombudsman Service to easing Consumer Duty burdens and simplifying the Senior Managers and Certification Regime.

There’s still work to do, particularly in embedding the secondary objective on competitiveness and growth into day-to-day decision-making – but we’re on the right path.

I was also delighted to welcome this year’s Mansion House Scholars – from Brazil, Chile, Egypt, Greece, Nepal, Pakistan, Vietnam, and, for the first time, Laos – who represent the global reach and future of our financial services sector.

As I near the end of my mayoral year, my message remains simple: if you want to grow, invest and innovate – do it in London.

You can read my speech in full here.