SMEs calling for a better regulatory policy atmosphere

The UK’s leading regulators are being urged to work alongside SMEs and help them to unlock business growth.

A set of ‘pro-growth’ measures have been proposed to seven of the UK’s regulators.

The Federation of Small Businesses (FSB) has written to the Financial Conduct Authority, Finance Reporting Council, Ofgem, Ofwat, Ofcom, Competition and Markets Authority and Information Commissioner’s Office.

The FSB is calling on these regulators to create a better regulatory policy atmosphere – ‘one that protects and clarifies, yielding higher confidence and ultimately growth for small firms – in various areas ranging from financial services to broadband and utilities to digital markets’.

This follows requests from the Prime Minister, the Chancellor of the Exchequer and the Business Secretary for leading regulators to submit proposals by mid-January for reforms that will spur investments and back economic upturn.

Tina McKenzie, Policy Chair at the Federation of Small Businesses said, “We’re glad to see this drive at the start of a new Government and new Parliament.

“Regulators must grasp this opportunity to propose small business growth measures within their activities and remits. We’re also keen to see Ministers and all public bodies to put their shoulders to the wheel on growth, alongside business and industry.

“Regulating for growth doesn’t always mean deregulation – sometimes it means better protection for small firms as consumers.

“While our members often tell us that current regulatory environment is burdensome, they also understand that smart regulations and switched-on regulators who are alive to their needs are a necessary part of a fairer, more efficient business ecosystem.

“Our proposals will help regulators make sure that small business growth is front and centre as they assemble their lists of pro-growth measures.”

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