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LONDON - British finance minister Rachel Reeves announced on Tuesday a push to get more savers to invest in company shares and rein in regulators as part of a plan to boost the country's financial services sector and the overall economy.
Reeves also confirmed plans to ease access to mortgages, trim some capital requirements for banks and simplify regulatory approvals for smaller financial services companies.
"We need to double down on our global strengths to put the UK ahead in the global race for financial businesses," Reeves said in a statement ahead of her annual Mansion House speech to London's finance industry.
From April next year, the Financial Conduct Authority - a regulator which oversees the finance industry - would allow banks to alert customers about specific investment opportunities so they can consider shifting money from low-return current accounts, Reeves said.
Before then, banks would run an advertising campaign to promote share investments.
Regulators would also review the risk warnings given for different types of financial investments.
The finance ministry said Britain had the lowest level of retail investment among the Group of Seven rich countries.
Other changes include requiring the Financial Ombudsman Service to stick more closely to FCA rulings when resolving consumers' disputes and for the FCA to review how its consumer duty rules are applied in business-to-business disputes.
The Senior Managers and Certification Regime - set up after the 2008 financial crisis to ensure bankers can be held personally accountable for misconduct - will also be streamlined, the finance ministry said.
Reeves has announced other reforms in recent days together with the Bank of England and FCA to ease access to mortgages, lower some bank capital requirements and boost green transition finance.
(Reporting by David Milliken; Editing by William Schomberg)





















