Apfa is calling on the Financial Conduct Authority to have a duty to examine the impact of its rules on small businesses as part of a Government consultation into the role of regulators.
In a department of business, innovation and skills consultation to amend the regulators’ compliance code, which closed on 3 May, it asks businesses whether regulators’ actions should have a regard for growth.
It also says it will amend the regulators’ code to bring greater certainty over regulations, remove burdens and make regulators more accountable.
Apfa policy director Chris Hannant welcomes the consultation, particularly the duty of regulators to focus on growth.
But he says: “We believe the Government should go further, and bring the FCA within the scope of the proposed stronger statutory duty for regulators to have regard to growth.
“There are some provisions in the existing code we would like to see included. These include a separate, explicit requirement for regulators to consider the impact of their actions on smaller businesses, and a specific requirement that regulators regularly review the data they ask of businesses, with a view to reducing the amount requested.”