Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to the Future Regulatory Framework Review, what assessment he has made of the potential impact on economic stability of proposals to introduce new statutory objectives of competitiveness and growth for the Financial Conduct Authority.

The government intends to provide for a greater focus on growth and international competitiveness through the introduction of new secondary objectives for the PRA and the FCA.

As the regulators take on additional responsibilities for determining the rules that financial services firms must follow, it is right that their objectives reflect the importance of the financial services sector as an engine of growth for the wider economy, and the need to support the future of the UK as a global financial centre.

These new secondary objectives will complement the regulators’ existing objectives of ensuring that UK firms remain safe and sound, that the UK’s markets function well, that there is effective competition in the interests of consumers, and that consumers of financial services receive an appropriate degree of protection. The government has always been clear that the UK will remain a global leader in promoting high international standards, while ensuring that the financial services sector is delivering for businesses and consumers across the UK.