New objectives and regulatory principles Reporting requirements in relation to the new international competitiveness and growth secondary objectives
Section 25 introduces new secondary objectives for the FCA and the PRA to facilitate the international competitiveness and growth of the UK economy in the medium to long-term.
	The government expects that there will be a step-change in the regulators’ approach to growth and competitiveness following the introduction of the new objectives, while maintaining high regulatory standards. It will therefore be important to have detailed information available to scrutinise how the regulators embed their new objectives.
	Section 26 therefore requires the FCA and the PRA to produce a report within 12 months and a second report within 24 months of the new objectives coming into force. This does not preclude the regulators from including information on actions taken prior to the objectives coming into force as they consider appropriate.
	These reports must, in particular, explain the action taken by the regulators to ensure the new objectives have been embedded in their operations, processes and decision making, and how any rules and guidance made by the regulators have advanced the new objectives.