Regulatory performance update – six months on (August 2019)

Following our first assessment under the new regulatory performance framework in January 2019, we are publishing progress updates on each regulatory body’s actions against the outstanding unmet outcomes. The assessments record actions taken up until June 2019.

When we carried out our assessments in January, each regulatory body met the minimum required level of performance against the majority of the 26 outcomes in the performance framework. We developed action plans for the outcomes that were not met and we published these alongside a report on their performance.

Since then, we have met with the regulatory bodies regularly as part of our new approach to relationship management, which was introduced under the regulatory performance framework. Through these meetings – as well as written updates provided to us in June and July – we discuss the steps taken to meet the outcomes we have assessed as unmet as well as general discussions on wider regulatory activities. The focus for this year has been the action plans that each regulatory body is implementing.

At time of writing, two of the outcomes assessed as unmet in January have been upgraded to met (S3 for BSB and E6 for CLC). All others remain unmet. However, we are reassured by the actions taken so far that progress is being made by each regulatory body.

Our next review will take place in November 2019 and will be an assessment against all 26 outcomes in the framework. By then, regulatory bodies will have had almost 12 months to address the issues resulting in the unmet assessments and we will expect a significant improvement in performance in the areas recorded in our January 2019 report.

Until then, we will continue to monitor progress through the relationship mangers’ regular contact with each regulatory body, holding them to account on their performance against all outcomes in the performance framework.

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