HM Treasury has this morning announced a ‘Call for Proposals’ consultation on the performance metrics that the government should use in holding the regulators to account under the Financial Services and Markets Bill to embed their new secondary international competitiveness and growth objective.
The LMG’s CEO, Caroline Wagstaff has responded to the announcement, as follows:
“This announcement is significant news given the campaign that the London Market Group has led for greater accountability of the regulators and their performance. The consultation recognises the government and parliament need to be able to hold the regulators properly to account, with the right data and information. This is an issue that cannot simply be left to the regulators to decide for themselves.
“It is now critical that this consultation is conducted swiftly and that ministers put in place a series of performance metrics which ensure that the regulators deliver on their new international competitiveness objective, and use Clause 37 actively to benchmark the UK’s regime against other global competitors, with enhanced KPIs on timeframes for authorisations and approvals.
“Our Metrics for Success document, published last summer, sets out how the Treasury can achieve this. We would strongly encourage the government to kick start a long overdue change in regulatory culture and provide a much needed boost to UK competitiveness and growth.”
The call for proposals can be found here:
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