“The London Market Group has been asking for a growth and competitiveness objective for the regulators for a number of years, so it is good to see that this is a key element of the reforms. There remain questions about what the regulators need to be doing to show that they are fully considering our competitive position. The Bill gives them a great deal more power but on our initial reading, it appears they also have the power to set and mark their own homework. We need to see more detail on the accountability measures that government and parliament will have to ensure that we get the culture change we need. We want the new objective to make a real difference but without the necessary performance criteria in the Bill, our fear is that it could be treated as a tick box exercise rather than something which can seriously support UK competitiveness.”
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