The Financial Conduct Authority (FCA) has pledged to remain independent from government influence following its inclusion in the Enterprise Bill's Business Impact Target (BIT), the regulator's board minutes have revealed.
Under government plans, the FCA will now be asked to report to Parliament the estimated cost to businesses of certain regulatory changes it makes. The Government has set a £10bn target to cut the cost of regulation to businesses during this Parliament and has now included regulators, including the FCA, as part of this initiative. The measure is currently confined to the cost of "legislation and regulatory functions carried out by or on behalf of UK ministers". The government said it wants to reduce regulatory burdens on businesses, create greater transparency around the impact of r...
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