On 19 May 2023, the FCA updated its webpage on the Future Regulatory Framework (FRF) Review by adding a new section “New secondary international competitiveness and growth objective”. In this new section the FCA describes 7 drivers of productivity that will shape its work to embed and facilitate the new secondary objective in a manner consistent with its primary objectives.

The two components of the new secondary objective are facilitating ‘international competitiveness’ and the ‘medium to long-term growth of the UK economy’. The new secondary objective builds on the FCA’s existing work to improve the attractiveness and global reach of the UK wholesale markets and to provide opportunities for UK financial services companies to invest, innovate and expand. The FCA will also report annually on how it has delivered against the new secondary objective. It expects to publish the first report on the new objective sometime around July 2024.