Recommendation 194

Cultural change is key, and this must be set from the top. A culture of risk -aversion has led to a proliferation of regulatory activity that is duplicative and complex. We were told that the regulators do not prioritise the requests they make of firms and have overseen a proliferation of the activities they regulate, beyond their core responsibilities. Witnesses suggested that the UK’s regulatory framework is highly complex and that they do not receive enough support to navigate and operate in this environment. Unacceptable levels of uncertainty persist.