The full Committee has previously concluded in its report on the Future of financial services regulation that “there should be a secondary objective for both the Financial Conduct Authority and the Prudential Regulation Authority to promote long-term economic growth” but that “pursuing international competitiveness in the short term is unlikely to lead to economic growth or international competitiveness in the long term if it is achieved by weakening the UK’s strong regulatory standards.” The...

The full Committee has previously concluded in its report on the Future of financial services regulation that “there should be a secondary objective for both the Financial Conduct Authority and the Prudential Regulation Authority to promote long-term economic growth” but that “pursuing international competitiveness in the short term is unlikely to lead to economic growth or international competitiveness in the long term if it is achieved by weakening the UK’s strong regulatory standards.” The Sub-Committee’s opinion is that completing all 31 strands of the Edinburgh Reforms is a vital step towards addressing examples of over-zealous regulatio Type: conclusion | Number: 1 | Paragraph: 17 | Response status: not_accepted Government response: I disagree with a number of the Report’s conclusions, some of which appear to be inconsistent. I particularly reject any suggestion that the reforms will not have a substantial impact on the UK economy and the competitiveness of the UK financial ser