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However, to get a more complete picture of their progress and impact on this agenda, comparison against international counterparts is essential.
The report, ‘Advancing international competitiveness and economic growth: how do financial regulators compare?’, which looks at financial regulators across 21 jurisdictions, shows that while several regulators have a comparable objective to advance competitiveness and growth, only a few publish metrics on par with those set for the UK regulators. This gap makes benchmarking across jurisdictions very challenging.
Recognising data limitations for cross-jurisdictional comparison, TheCityUK and Freshfields identify several approaches to developing a holistic international benchmarking framework. The framework should include both operational metrics and a broad range of qualitative indicators that take a wider view of how the regulators’ activities impact competitiveness. They urge government and the regulators to develop the framework in partnership with industry and its outcome ultimately helping to foster regulations that are more efficient, effective, resilient and responsive.
The study also reflects on what role a new or existing body could play in enhancing regulatory scrutiny and accountability, stressing the need for careful consideration and planning on its potential creation. Questions around costs, remit, scope, resourcing and model would be key, as would how this body interrelates with Parliament, regulators and industry.