Treasury has published a call for proposals on which metrics FCA and PRA should publish in relation to the secondary growth and competitiveness objectives introduced under the FSM Bill.
The consultation notes that the regulators have already committed to the objectives by embedding them into their operations:
- In September 2022, PRA’s discussion paper on its future approach to policy considered the implementation of the new objectives, with a full consultation to follow this year;
- PRA is holding an international conference on 19 September 2023 on the links between prudential regulation, international competitiveness and growth, and intends to pilot a survey to gather feedback from external stakeholders on the extent to which its approach to regulation is advancing the new secondary objective; and
- In December 2022, FCA’s discussion paper on its approach the implementing the Future Regulatory Framework (FRF) Review welcomed views on its plans for implementation.
The call for proposals stresses that as the objectives are still new, it is important to establish a comprehensive set of metrics to support scrutiny of how they are being advanced. It welcomes proposals on both individual metrics and combinations of metrics, and for those who have previously made proposals to submit them to be considered in the round and in combination with others.
Consultation closes on 4 July.