UK Should Learn From Singapore’s Financial Model, Say Lords

Britain’s financial regulators need to adopt a more business-friendly and growth-oriented approach similar to Singapore’s, according to a new report from the House of Lords Financial Regulation Committee. The committee criticized the UK’s top watchdogs for creating barriers to growth and failing to keep pace with global competitors.

A Risk-Averse Culture Holding the UK Back

Since the 2008 global financial crisis, the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) have implemented increasingly cautious policies. The Lords committee said this “risk-averse culture” discourages new entrants and creates unnecessary friction in the financial ecosystem.

Committee chair Lord Michael Forsyth described Singapore’s Monetary Authority (MAS) as “fast-moving” and operating with a “concierge culture” that welcomes business rather than deters it. “There’s a lot to be learned from that,” he told the Financial Times.

The ‘Singapore-on-Thames’ Echoes Return

The call to emulate Singapore’s model echoes past post-Brexit ambitions to transform London into a low-tax, lightly regulated “Singapore-on-Thames.” While the committee rejected the idea of racing to the bottom, it emphasized the need to streamline bureaucracy without compromising key safeguards.

Singapore’s regulatory model has helped it attract multinationals and achieve one of the highest GDPs per capita globally—nearly double that of the UK, according to IMF data.

Calls for a “Concierge Service”

The committee recommended the creation of a joint FCA–PRA “concierge service” to assist foreign firms entering the UK market, modeled after Singapore’s MAS support. This would be part of a wider effort to promote flexibility and efficiency in the regulatory process.

Sam Woods, the PRA chief, has already shown interest in the idea after a recent trip to Singapore to study the MAS model.

Frustrations With Slow Approvals

The report highlighted how the UK lags behind other financial centres in approving new operations and executive hires. One example cited was from insurer Aon, which said Singapore had approved 18 insurance-linked securities faster than the UK could authorize five — even though the product originated in Britain.

The Association of Foreign Banks warned that the UK’s authorisation processes were “too onerous” and slow, deterring expansion and recruitment.

Regulators, but also Politicians to Blame

While much of the criticism was aimed at regulators, Forsyth pointed out that politicians were also at fault. He warned of “mission creep,” where regulatory agencies are pulled into politically sensitive issues like equality and sustainability. “To be fair to the regulators, some of this comes from a high level of demands placed on them by the government,” he said.

Conclusion

As global financial hubs like Singapore move quickly to attract capital and innovation, the UK risks falling behind. The Lords committee report offers a clear warning: without urgent reform, Britain’s reputation as a top-tier financial centre may continue to erode — along with jobs and investment.

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