Chapter 3: Accountability of regulators FCA and PRA objectives and regulatory principles Section 27: Regulatory principles
This section embeds the targets made by the Secretary of State under the Climate Change Act 2008 and Environment Act 2021 into the regulatory principles for the PRA and the FCA. The FCA and PRA determine whether the exercise of their functions is relevant to the need to contribute to the net zero target and the environmental targets made by the Secretary of State. Where the regulator determines that the function is relevant, the regulator must have regard to the regulatory principle in section 3B(1)(c) of FSMA 2000.