UK Finance: Copy Singapore Model?
- Britain's financial regulators should learn from Singapore's pro-business strategies to boost economic growth, according to a House of lords committee.
- The House of Lords Financial regulation Committee stated Friday that since the 2008 banking crisis, the FCA and PRA have introduced "unnecessary frictions" hindering innovation and discouraging new...
- Michael Forsyth, a Conservative peer and committee chair, noted the Monetary Authority of Singapore's (MAS) speed and "concierge culture" in facilitating business.
UK financial regulators face pressure too reshape their approach, with a Lords committee urging them to adopt SingaporeS pro-business strategies. The primarykeyword is “financial regulation,” and this shift aims to stimulate economic growth by fostering a more welcoming environment for businesses. The report criticizes the current risk-averse approach of the FCA and PRA, advocating for a “concierge culture” that mirrors Singapore’s efficiency in facilitating business. The secondarykeyword, “economic growth,” is central to the committee’s recommendations, wich include measuring the economic impact of rules and benchmarking against other countries. This push could transform how UK regulators operate, as is explored in News Directory 3. Discover what’s next for the UK financial sector.
UK Financial Regulators Urged to Adopt Singapore model for Growth
Updated june 13, 2025
Britain’s financial regulators should learn from Singapore’s pro-business strategies to boost economic growth, according to a House of lords committee. The committee suggests the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) should reduce their risk-averse approach and foster a more welcoming surroundings for businesses.
The House of Lords Financial regulation Committee stated Friday that since the 2008 banking crisis, the FCA and PRA have introduced “unnecessary frictions” hindering innovation and discouraging new companies. The committee’s report highlights widespread frustration in london’s financial sector regarding the regulators’ response to their mandate to support economic competitiveness and growth.
Michael Forsyth, a Conservative peer and committee chair, noted the Monetary Authority of Singapore’s (MAS) speed and “concierge culture” in facilitating business. The report mentioned Singapore 21 times, emphasizing the need for the UK government and regulators to assess the economic impact of financial regulation and benchmark against other countries in areas like compliance costs and capital requirements. This push for a business-kind approach to financial supervision echoes earlier debates about perhaps turning Britain into a lightly regulated financial hub.
Singapore’s success in attracting multinational corporations has propelled its GDP per capita to among the highest globally, nearly double that of the UK, according to the IMF. Politicians are increasingly urging regulators worldwide to ease financial service restrictions to stimulate lending, investment, and growth. The US Federal Reserve,such as,is reviewing the relevance of rules implemented after the 2008 crisis.
Forsyth clarified that the committee isn’t advocating for a “race to the bottom” or the removal of essential safeguards. Instead,they question the necessity of lengthy approval processes for experienced executives. The peers are advocating for a Singapore-style “concierge service” to aid foreign companies establishing operations in Britain, fostering a culture of efficiency and versatility.
Sam Woods, bank of England deputy director, previously suggested creating such a service with the FCA after studying the MAS’s operations in Singapore. The Lords’ report also criticized the slow pace of approving senior executive appointments and new operations, citing aon’s experience where Singapore approved insurance-linked security proposals much faster than the UK.
“Again and again, we were told about Singapore and how fast the Monetary Authority of Singapore was in turning things around — the culture was very much one of a concierge culture,” said Michael Forsyth, the Conservative peer who chairs the committee.“There’s a lot to be learned from that.”
The Association of Foreign banks has warned that the UK’s authorization processes for senior appointments are “too onerous” compared to other financial centers, deterring foreign banks from expanding in the UK. Forsyth also pointed out that politicians contribute to “mission creep” by pushing regulators into areas like equality and sustainability.
What’s next
The committee’s recommendations could lead to important changes in how UK financial regulators operate, potentially streamlining processes and fostering a more business-friendly environment to boost economic growth and attract foreign investment.