The introduction of the Financial Services and Markets Act's ‘international competitiveness and economic growth’ secondary objective for regulators and the reporting requirement is welcomed.
Implementing these recommendations will promote accountability, support economic growth and ensure the UK's financial services industry remains globally competitive compared to other jurisdictions. All of which will contribute to the success of the economy.
We have advocated for the inclusion of Clause 37 in the Bill, empowering HM Treasury to require regulators to report on their performance, thereby heightening accountability and proactively addressing issues.
We propose key metrics for regulators that include light-touch data gathering mechanisms, outcome measurements, and other measures that are designed to inform government decisions and strike a balance between consumer protection and economic growth.
