FCA reports on progress under SCGO

The UK Financial Conduct Authority (FCA) has published its 2024/25 report on the secondary competitiveness and growth objective (SCGO), outlining the progress made since July 2024 and setting out its forward-looking priorities for the remainder of the reporting period. The SCGO, introduced under the Financial Services and Markets Act 2023, requires the FCA to publish annual reports for the first two years following the objective's introduction. This is the second such report and is accompanied by two annexes. Annex 1 provides a six-month progress update on the FCA's response to the Prime Minister's letter of December 2024, which called on UK regulators to identify actions that could unlock economic growth. In its response, the FCA outlined around 50 initiatives aimed at supporting innovation, streamlining regulation to reduce regulatory burden and boosting market access. The annex tracks progress against those commitments, several of which align with pledges made in the UK Government's March policy paper. Annex 2 presents the FCA's performance against a suite of published metrics designed to assess how its rules and guidance have contributed to advancing the SCGO. The FCA also published its response to the HM Treasury's (HMT) 2024 remit letter, reaffirming its commitment to embedding the SCGO into its five-year strategy. The letter outlines the FCA's efforts in strengthening the UK's capital markets, supporting innovation and technology and ensuring that regulatory reform is aligned with sustainable growth and consumer protection.

Return to main website.