On 14 July 2023, the Financial Conduct Authority (FCA) published a statement regarding its secondary international competitiveness and growth objective.

The statement sets out the FCA’s view of how its work to support ‘key drivers’ of productivity will support delivery of the secondary objective and explains how the FCA plans to report on its progress in facilitating the new objective in future. The FCA also explains its approach to updating key processes and documents in light of this change.

The statement sets forth that, stakeholders should expect the following:

  • The FCA will update its ‘About us’ webpage, to describe the FCA’s approach to how it advances its objectives going forward, retiring the ‘The FCA’s approach to advancing its objectives’ document from 2015. This update is expected to be completed in Q4 2023.
  • The FCA will review ‘Our mission’ (2017) and associated approach to documents, such as ‘Our approach to competition’, as part of the FCA’s formulation of its 2025- 2028 strategy, which is expected by April 2025, and confirm any revisions or decision to retire the documents.
  • The FCA will review other key documents as part of formulating its 2025-28 strategy. The need to consult on any proposed changes will be assessed on a case-by-case basis.
  • The FCA will update its guidance on how it undertakes cost benefit analysis (CBA) to ensure that potential impacts on international competitiveness and medium to long-term growth from the FCA’s proposals on the UK economy can be captured and communicated transparently to stakeholders through the FCA’s published CBAs.
  • The FCA plans to launch a consultation on its updated rule review framework in the near future.