Context
The ABI has issued its response to HM Treasury’s Future Regulatory Review Framework Proposals document. The proposal document sets out the government’s response to the feedback received on the previous consultation. The Proposals document makes a series of proposals to deliver the intended outcomes of the Future Regulatory Framework (FRF) Review, building on the strengths of the UK’s existing framework.
Key points to note
Director General of the ABI, Huw Evans, stated:
- The second consultation has the right intentions towards creating a regime that is fit for purpose, but it could have gone further.
- Unless regulators have economic growth as a primary objective, The ABI is not convinced anything major will change.
BIBA has also welcomed the publication of the proposals document, in particular a proposal from the government to introduce a new growth and international competitiveness objective for the FCA. This has been a core part of the last four BIBA Manifestos. BIBA also supports the Government’s proposal that the FCA report on their performance against their growth and competitiveness objective on an annual basis.
This consultation will remain open for three months and will close on 9th February 2022.
Next actions
None – for information and awareness