Gabriel Makhlouf

The new roadmap outlines the institution’s work across four pillars: supervision, regulation, gatekeeping, and reporting and data.

Governor Gabriel Makhlouf said: “A well-functioning financial system is essential to a well-functioning economy.

“As Europe focuses on improving competitiveness and resilience, there is a clear opportunity to streamline rules and processes without weakening the important protections we have built over the past decade.

“Our objective is straightforward.  We are making regulation and supervision more effective, easier to navigate, proportionate, and aligned with risk, while maintaining the resilience and safeguards that underpin people’s trust in the financial system.

“Streamlining is not about lowering standards. It is about improving quality, coherence and clarity, ensuring the regulatory framework works for consumers, firms and the economy.”

Mary-Elizabeth McMunn, deputy governor for financial regulation, added: “The financial system is evolving rapidly, and regulation must evolve with it.

“As part of our work, we have engaged with and listened to feedback from stakeholders, including the financial services sector.

“Our focus is on being risk-based, future-focused and outcomes-driven, ensuring firms understand what is expected, and that our frameworks support sustainable innovation and growth.

“Success will be a regulatory system that is clearer, more coherent and more proportionate, while continuing to protect consumers, investors, and hard-won financial stability.

“We will continue to engage in robust risk-based supervision, and to take enforcement action as necessary — and if changes to the risk landscape mean we have to introduce new rules or requirements, or engage more with firms or sectors, we will do so.

“Regulating and supervising well is an ongoing commitment from the Bank, and we will continue to adapt as risks, markets and technologies evolve.”