The London Market Group has published a new toolkit to help parliamentarians and policymakers assess how effectively the UK’s financial regulators are meeting their Secondary International Competitiveness and Growth Objective, introduced two years ago.

The document sets out practical ways of examining regulators’ policy planning, stakeholder engagement and measurement of outcomes. It argues that this is a key moment to judge whether the Prudential Regulation Authority and Financial Conduct Authority are delivering measurable results.

Caroline Wagstaff, chief executive of the LMG, said: “The PRA and FCA have talked extensively about the need to embed a culture of growth and competitiveness, and how it should run through their day-to-day activities, as well as how they consider new projects. Their annual competitiveness reports have illustrated their efforts to date, but the critical question is how can this be seen and scrutinised in the months and years to come?

“This report is designed to equip policymakers with the tools to support this scrutiny. Regular external challenge through engagement and dialogue from Parliament, HM Treasury, industry and other stakeholders will be crucial to delivering the operational and cultural changes that will make a difference.”

The SICGO, introduced under the Financial Services and Markets Act 2023, requires the FCA and PRA to support UK growth and international competitiveness while maintaining global standards. Both regulators now publish annual competitiveness reports outlining their progress.

LMG’s report comes amid growing pressure for clearer evidence of how regulation supports growth without undermining stability or consumer protection.

---