IRSG response to the House of Lords Financial Services Regulation Committee inquiry into FCA and PRA’s secondary objectives
IRSG response to the House of Lords Financial Services Regulation Committee inquiry into FCA and PRA’s secondary objectives
Published 29 Nov 2024
The IRSG responded to the House of Lords Financial Services Regulation Committee’s inquiry into the secondary international competitiveness and growth objectives given to the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) under the Financial Services and Markets Act 2023.
Given the IRSG’s focus on international regulation, the response offers insights and feedback on Q9 of the call for evidence: Does the requirement within the secondary growth and competitiveness objectives to align with international standards create any constraints to fulfilling those objectives?
We believe it is essential for the UK to align with international standards, as this alignment can support and enhance the UK’s ability to fulfil those objectives. While adhering to international standards, the UK must avoid imposing additional or unnecessarily stringent requirements that could compromise its competitiveness.
IRSG response to the House of Lords Financial Services Regulation Committee inquiry into FCA and PRA’s secondary objectives
Published 29 Nov 2024
The IRSG responded to the House of Lords Financial Services Regulation Committee’s inquiry into the secondary international competitiveness and growth objectives given to the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) under the Financial Services and Markets Act 2023.
Given the IRSG’s focus on international regulation, the response offers insights and feedback on Q9 of the call for evidence: Does the requirement within the secondary growth and competitiveness objectives to align with international standards create any constraints to fulfilling those objectives?
We believe it is essential for the UK to align with international standards, as this alignment can support and enhance the UK’s ability to fulfil those objectives. While adhering to international standards, the UK must avoid imposing additional or unnecessarily stringent requirements that could compromise its competitiveness.