New report sets out practical options to assess regulator effectiveness

The London Market Group (LMG) has today launched a new report: “Regulating for Growth”, which aims to provide parliamentarians and policymakers with practical tools to help them scrutinise the financial regulators’ work in light of their Secondary International Competitiveness and Growth Objective, which has now been in place for two years.  It looks at how to assess their policy planning and stakeholder engagement as well as how well they plan and measure what they do.

Parliamentarians play a vital role in scrutinising financial regulators to ensure they are fulfilling their statutory duties to promote economic growth and international competitiveness. Two years after the Financial Services and Markets Act (FSMA) 2023 was passed, financial regulators should now have the necessary frameworks in place. This is a critical moment to assess whether they are delivering measurable outcomes.

Caroline Wagstaff, Chief Executive Officer of the London Market Group, commented: “The PRA and FCA have talked extensively about the need to embed a culture of growth and competitiveness, and how it should run through their day-to-day activities, as well as how they consider new projects. Their annual competitiveness reports have illustrated their efforts to-date, but the critical question is how can this be seen and scrutinised in the months and years to come?

“This report is designed to equip policymakers with the tools to support this scrutiny. Regular external challenge through engagement and dialogue from Parliament, HM Treasury, industry and other stakeholders will be crucial to delivering the operational and cultural changes that will make a difference. We want to give MPs, peers, committee members and civil servants practical help on their work of measuring progress and maintaining momentum on this important topic. The aim is to help interested audiences to mark the regulators’ homework, assessing the evidence of both their intent and delivery.”

ENDS

For more information please contact:

Victoria Sisson, Omnia Partners  |  Tel: 07941 294872