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Compliance Portal
March 17, 2025
The Chancellor of the Exchequer, Rachel Reeves, has met senior figures from a wide range of UK regulators to outline plans to cut the administrative cost of regulation on businesses by 25%. The FCA and the PRA were both represented at the meeting. The plans include the ‘streamlining’ of more regulators (so, much like the PSR, they will cease to exist), and cut across many business sectors (not just financial services). The financial services plans within the published announcement build on the Chancellor’s Mansion House speech last year and the ‘remit letters for growth’ sent to the FCA and the PRA.
The plan contains a number of key pledges from regulators, those from the FCA being:
- Provide a dedicated case officer to every firm within the FCA’s regulatory sandbox.
- Provide 50% more dedicated supervisors to early and high growth firms, to help them navigate the regulatory system and support their growth.
- Indicate more often that the FCA is ‘minded to approve’ start-ups to help them secure funding.
- Simplify its mortgage and advice rules to support greater home ownership.
- Reduce regulatory reporting requirements for firms.
One of the five pledges from the ICO is to develop new guidance on international data transfers to support frictionless trade across borders. The ICO will also update its transfer risk assessment tools to underpin the Data (Use and Access) Bill reforms to create a more proportionate and risk-based regime.
