Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps regulators sponsored by her Department are taking to reduce the reporting requirements for firms.

Our Regulation Action Plan included a whole of Government target to cut the administrative costs of regulation for business, including costs posed by reporting requirements, by a quarter by the end of the Parliament.

As first steps to contribute to the delivery of this target:

· The Prudential Regulation Authority has committed to working with industry to deliver a more streamlined approach to banking regulatory reporting;

· The Financial Conduct Authority published a consultation on removing certain reporting and notification requirements on 16 April; and,

· We are considering changes to the Money Laundering Regulations, to ensure requirements are proportionate and targeted at high-risk activity.

We are completing a baselining exercise in parallel to understand how much regulation is costing and where reforms can be targeted to streamline processes and remove unnecessary burdens.