, which require companies to hand out information sheets showing customers the risks and expected returns of their products, will be scrapped. A Treasury source said the EU-era rules have forced companies to produce 'excessive transparency documents which have not improved consumer understanding'. Mr Hunt will also reveal a long-awaited shake-up of the pensions industry, outlining a series of reforms designed to encourage new UK superfunds and drive more investment into British assets.He will also focus on incentives to consolidate existing pension pots to create the scale needed to invest in high-growth companies and other illiquid assets.){kind=link}
Nearly 100 pieces of legislation to be axed to turbocharge financial services industry
Jeremy Hunt will vow to axe nearly 100 pieces of “unnecessary, outdated and protectionist” EU legislation this week in a bid to turbocharge Britain’s financial services industry after Brexit.
The Chancellor will also unveil plans to boost pension investment in British business to “increase returns” for savers and “unlock capital for our growth businesses”.
A raft of deregulatory proposals as part of implementing the Government’s so-called Edinburgh Reforms will be announced in his Mansion House speech on Monday.
The Telegraph understands that Mr Hunt will unveil new legislation to support stock market listings; scrap laws inherited from Brussels which require companies to produce “excessive” transparency documents; and disclose pension reforms aimed at encouraging UK retirement funds to invest tens of billions of pounds more in the domestic economy.