Source · Select Committees · Treasury Committee
Recommendation 8
8
Accepted
Paragraph: 72
We recommend that there should be a secondary objective for both the Financial Conduct Authority...
Recommendation
We recommend that there should be a secondary objective for both the Financial Conduct Authority and the Prudential Regulation Authority to promote long-term economic growth. The wording will be crucial: pursuing international competitiveness in the short term is unlikely to lead to economic growth or international competitiveness in the long term if it is achieved by weakening the UK’s strong regulatory standards. Weakening standards could reduce the financial resilience of the UK’s financial system and undermine international confidence in that system and the firms within it.
Government response summary AI-generated
The government has implemented new secondary objectives for the FCA and PRA to focus on medium to long-term growth and competitiveness, while maintaining high regulatory standards.
Paragraph Reference:
72
Government Response
The government responded to this report on 7 September 2022. No passage in that response could be matched to this recommendation. Read the response document ↗