The U.K. government is giving the financial and banking regulators, the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA), more flexibility to make regulations without submitting these to a full consultation process. The intention is to streamline regulations and enable regulators to move faster, thereby supporting growth in a rapidly changing business environment.
However, lawyers have warned that this could affect the way decisions are made and are advising compliance teams to rethink how they engage with the regulators. Regulations may change at shorter notice and with less industry input than previously.
