Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the effect of the Financial Conduct Authority and Prudential Regulation Authority's proposals on mandatory equality reporting on the competitiveness of financial services companies operating in the United Kingdom.

The government has no plans to reform the Financial Conduct Authority (FCA), but it is committed to working with the FCA to ensure that it is supporting the government’s growth mission. Effective, proportionate regulation is key to a thriving UK economy and delivering the government’s mission to drive the inclusive growth and international competitiveness of the UK’s financial services sector.

The FCA and Prudential Regulation Authority (PRA) are non-governmental bodies which are independent from the Treasury and have broad powers to make rules in order to advance their statutory objectives. The regulators are required by legislation to carry out their general functions, which include rule-making, in a way that advances their competitiveness and growth objectives.

In line with statutory requirements, the FCA and PRA have included in their consultations an explanation of the compatibility of the proposed rules with their duties, including consideration of the competitiveness and growth objectives.