On 9 May 2023, HM Treasury published a Call for Proposals on how to measure success in relation to the financial regulators’ new secondary objectives, which will be introduced under the Financial Services and Markets (FSM) Bill.
The FSM Bill introduces new, secondary objectives for the FCA and the Prudential Regulation Authority (PRA) to facilitate the international competition of the UK economy (in particular the financial services sector) and its growth in the medium to long-term.
During the passage of the FSM Bill, stakeholders and Parliamentarians have been clear that appropriate transparent public metrics are vital for supporting scrutiny of the regulator’s performance. The government agrees that clear and regular public metrics to measure performance against are an important part of the transparency that is crucial for effective scrutiny and accountability.
HM Treasury’s call for proposals is intended to help determine what additional metrics it is most appropriate for the regulators to publish, in order to ensure that reporting on the new secondary objectives is sufficient to support scrutiny of the regulators’ work in embedding and advancing their new objectives. The call for proposals will close at 11:59 on 4 July 2023. The government welcomes representation from all stakeholders with an interest.