On 7 September 2022, the House of Commons’ Treasury Committee published the responses it received from the Treasury, PRA and FCA to its report on the Future of Financial Services Regulation.

In their response, the PRA agrees that independence of the Bank of England is vital to maintaining the effectiveness of financial regulation. The regulator also agrees with the Committee’s assessment that pursuing international competitiveness in the short term by lowering the UK’s strong standards would not result in sustainable economic growth. The FCA also supports the Committee’s position on regulatory independence, but disagrees with the recommendation that the regulator should “have regard” to financial inclusion, arguing it wouldn’t increase the FCA’s existing ability to act in line with the objectives set for it.