On 5 August 2024, the House of Lords Financial Services Regulation Committee announced that it had been reappointed by the House of Lords following the State Opening of Parliament, and that it would resume its inquiries into the secondary international competitiveness and growth objective given to the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) as well as the FCA’s consultation paper CP24/2 on publicising enforcement investigations.

Call for evidence on FCA enforcement consultation

The Committee is now taking evidence again on FCA CP24/2: Our Enforcement Guide and publicising enforcement investigations – a new approach. It has reopened its call for evidence (which was originally opened on 8 May 2024 and subsequently closed following the prorogation of Parliament), and plans to invite the FCA to provide oral evidence to the Committee at a later date.

Anyone with expertise in or experience of the matters relating to CP24/2 is invited to share their views with the Committee, including views in favour of the proposals or concerns about the proposed changes. The Committee flags that it cannot accept any submissions that have not been prepared specifically in response to the call for evidence or that have been published elsewhere. Submissions made before the call for evidence was suspended have been retained and do not need to be resubmitted.

The deadline for submissions is 11 October 2024.

Call for evidence on FCA and PRA secondary objective

The Committee has also reopened its call for evidence on the FCA and PRA’s secondary international competitiveness and growth objective (which was given to them under the Financial Services and Markets Act 2023). This call for evidence was originally opened in May 2024 and closed following the prorogation of Parliament.

The Committee is seeking views on the regulators’ new secondary objectives, how they are being implemented by the FCA and PRA and integrated with their other objectives, and what the implementation of the objectives might mean for the financial services sector in the UK.

The deadline for submissions is 29 November 2024.