Context
As part of its proposals to reduce regulatory burdens and support growth, the FCA has published a Statement of Policy on Cost Benefit Analyses to provide stakeholders with assurance that the FCA takes steps to understand the effects of its policy proposals, and that its CBAs are undertaken in a consistent manner and are accurate and proportionate. It provides an overarching view of the FCAs’ approach to preparing a CBA.
Key points to note and next actions
The Statement provides information about:
- the methodology used in preparing CBAs;
- matters to which the FCA has regard in determining whether certain legislative requirements apply or not;
- how the FCA makes sure it considers timely representations made in connection with CBAs;
- instances where the requirements to consult the FCA Cost Benefit Analysis Panel (the CBA Panel) in relation to the preparation of a CBA do not apply; and
- its arrangements to make sure the CBA Panel may review the FCA’s performance against relevant legislative requirements and provide recommendations.