MPs Say UK Regulators Need Economic Growth Objective

By Alex Davidson (June 16, 2022, 5:52 PM BST) -- A cross-party group of members of parliament said on Thursday the two U.K. financial services watchdogs should have a new secondary objective of promoting economic growth without watering down regulation as a result.

The parliamentary Treasury Committee said the Financial Conduct Authority and the Prudential Regulatory Authority, the regulatory arm of the Bank of England, should have this objective to reflect how financial services help economic growth by financing firms outside of that sector.

Economic growth should not become a primary objective of the U.K. regulators, however, because that could affect how they carry out their main regulatory functions, the committee...

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