The Financial Services Regulation Committee has given its one year update on the FCA and PRA’s secondary competitiveness and growth objective. It notes that London has maintained its second place ranking as a global financial centre. New York is in first place, and London has closed the gap. That said, the Committee recognises the current environment is challenging.
The report reviews the 50-ish pro-growth measures delivered during 2025, not least in capital markets, mortgages, support for innovation and the PASS service. The regulators are also focusing on fewer but more impactful supervisory priorities. They are working their way through the commitments they made in relation to the Consumer Duty, and the work to reduce firm failures has led to a low FSCS levy. Ongoing is the advice guidance boundary review and plans for digital acceleration.
The report is accompanied by a details letter from the PRA with more detail of what it has done.