On 1 December 2022, there was an exchange of letters between the Economic Secretary to HM Treasury and the CEOs of the Financial Conduct Authority and Prudential Regulation Authority, regarding operational effectiveness.

HM Treasury sent letters to the CEOs of the FCA and PRA highlighting the importance of world-leading levels of regulatory operational effectiveness. The letters also asked for an update on the FCA’s and PRA’s plans to increase transparency on their efforts to be world-leading in terms of operational effectiveness. In response the FCA and PRA have set out their plans to publish more frequent and more detailed data on the regulators’ operational performance.