Parliament to look at regulatory international competitiveness

The Financial Services Regulation Committee is starting an inquiry into the PRA and FCA’s secondary international competitiveness and growth objective. Among the issues it wants to explore are:

• the balance between primary and secondary objectives and the focus the regulators have on the secondary objective;
• whether the regulators’ resources and culture facilitate the effective implementation of the objective;
• the opportunities the objective gives for promoting and supporting innovation;
• how well regulators have consulted with industry;
• how the regulators can draw on international regulatory policies; and
• how the regulatory landscape is attracting domestic and overseas businesses, specifically UK pension funds.

The Committee is asking for written submissions by 11 July.