Business: Regulation
The question
To ask the Chancellor of the Exchequer, what steps regulators sponsored by her Department are taking to reduce the reporting requirements for firms.
Answered by Emma Reynolds
Our Regulation Action Plan included a whole of Government target to cut the administrative costs of regulation for business, including costs posed by reporting requirements, by a quarter by the end of the Parliament.
As first steps to contribute to the delivery of this target:
· The Prudential Regulation Authority has committed to working with industry to deliver a more streamlined approach to banking regulatory reporting;
· The Financial Conduct Authority published a consultation on removing certain reporting and notification requirements on 16 April; and,
· We are considering changes to the Money Laundering Regulations, to ensure requirements are proportionate and targeted at high-risk activity.
We are completing a baselining exercise in parallel to understand how much regulation is costing and where reforms can be targeted to streamline processes and remove unnecessary burdens.
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