We set up the Treasury Sub-Committee on Financial Services Regulations (‘the Sub-Committee’) in June 2022 to examine changes to regulatory text proposed by the Financial Conduct Authority (FCA), the Bank of England, the Prudential Regulation Authority (PRA) or the Payment Systems Regulator (PSR). When reviewing such proposals, the Sub-Committee considers the following factors in considering the degree of additional scrutiny warranted:
- Does it have a significant impact on consumers?
- Does it have a significant disproportionate cost for firms?
- Does it incorporate any politically significant proposals?
- Is it a new activity that has not been regulated before?
It is anticipated that the Sub-Committee will meet to ‘sift’ proposals approximately once every two months, during which it will take a view on what form of additional scrutiny is appropriate for each open consultation.
To aid these decisions, the Sub-Committee would welcome individual consumers and their representatives, industry and other potentially affected parties getting in touch with specific concerns about proposals which fall within the Sub-Committee’s remit. The Sub-Committee may choose to publish that material, or draw on it in evidence sessions or correspondence.
A list of the proposals on which the Sub-Committee is currently accepting written submissions can be found here