Quarterly Statement by the Council of Financial Regulators – December 2024

The Council of Financial Regulators (CoFR) held its quarterly meeting on Thursday 12 December 2024. The meeting was chaired by Financial Markets Authority Chief Executive Samantha Barrass. The Council discussed the ongoing work on scanning the horizon for the financial sector and the progress made across the five priority themes. The Council also agreed changes to the CoFR banking and insurance forums to make them more effective and inclusive.

The Council reviewed the work being undertaken to scan the horizon for the financial sector. There would be a further discussion in Q1 2025 to consider how the analysis could support the prioritisation of CoFR’s work.

The Council reviewed progress made across the five priority themes: regulatory effectiveness, financial inclusion, climate-related risks, digital and innovation, and economic resilience (covering cyber resilience and work to counter frauds and scams). The Council noted the work undertaken during the year, and the plans for the year ahead, emphasising the need to focus on areas where a cross-CoFR approach added most value.

The Council also discussed the regulatory work being undertaken across the CoFR agencies and agreed to strengthen relationships with the new Ministry of Regulation. The Council agreed that ongoing enhancements should be made to the quarterly Regulatory Initiatives Calendar, which will be considered in 2025.