FCA and PRA respond to the UK government’s call for regulators to support economic growth

The Financial Conduct Authority (FCA)1 and the Prudential Regulation Authority (PRA)2 have responded to the UK government’s call for regulators to support economic growth. In their respective responses both express strong support for the government’s objective and outline key initiatives to facilitate the competitiveness and growth of the UK economy.

What are the key initiatives in the FCA’s letter?

Wholesale markets
  • implementing a new prospectus regime with variations in thresholds and liability;3
  • easing retail access to corporate bonds;4
  • improving saver investment;
  • reducing conduct requirements for wholesale insurers;
  • streamlining asset management regulations;
  • launching a consolidated tape for fixed income data accessibility;5 and
  • expediting capital requirements examination for specialised trading firms to improve liquidity.6
Payments and digital innovation

Introducing a new open banking payment method – variable recurring payments...