The London Market Group (LMG) has welcomed the new metrics, on which the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) will be asked to report.
The list of the metrics, recently published by the UK Treasury, outline how the two regulators will be assessed in meeting their new duty to facilitate the international competitiveness of the UK economy and its growth in the medium to long term.
LMG’s chief executive, Caroline Wagstaff, has highlighted that most of the newly introduced metrics reflect the Group asked in their Metrics for Success document last year; a significant campaign issue for the London Market Group.
Wagstaff said: “It is very good news that H.M Treasury has published a range of detailed metrics for regulatory performance. The vast majority reflect what we asked for in our Metrics for Success document last year.
“Our position has always been that ‘what gets measured gets done’, so this shows that the Government is listening to industry and has taken the necessary action to help ensure that the recent Financial Services and Markets Act really delivers.”
She added: “Is important now that these metrics are used to ensure we improve our international competitiveness with other jurisdictions, so it is imperative that the regulators take this on board and it is good to see that the Government expects to see these metrics used as quickly as possible. We look forward to working with them to support its implementation.”
