The International Regulatory Strategy Group (IRSG) has published its response to the House of Lords Financial Services Regulatory Committee’s inquiry into the FCA and PRA’s secondary international competitiveness and growth objectives introduced by FSMA 2023.
Given its international focus, the IRSG offered its views on the inquiry’s question as to whether the requirement within the secondary growth and competitiveness objectives to align with international standards creates any constraints to fulfilling those objectives.
The IRSG said it was essential for the UK to align with international standards, which would support and enhance its ability to meet the secondary objectives. However, it warned that in doing so, the UK ought to avoid imposing additional or unnecessarily stringent obligations which might undermine competitiveness. It encouraged the regulators to adopt an approach based on the following components in order to ensure the UK regulatory environment remains internatio
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