The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) have a “deeply entrenched culture of risk aversion” and it is limiting their ability to advance UK growth and competitiveness.
According to the House of Lords' Financial Services Regulation Committee's report into the FCA's and PRA's secondary objective, senior leadership at both regulators "must do more to drive cultural change" in order to achieve its international competitive and growth objective. The report - Growing pains: clarity and culture change required. An examination of the secondary international competitiveness and growth objective - recommended "a more tailored and proportional approach to the risks posed by regulated firms, a culture of continual operational improvement and innovation, and a more...
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