The UK’s regulators must grasp the opportunity to help small business grow, says the Federation of Small Businesses (FSB).
The FSB has written to seven of the UK’s regulators with a set of measures to unlock small business growth. The regulators are the Financial Conduct Authority (FCA), Finance Reporting Council (FRC), Ofgem, Ofwat, Ofcom, Competition and Markets Authority and Information Commissioner’s Office.
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.
The FSB is calling for a better regulatory policy atmosphere in various areas ranging from financial services to broadband and utilities to digital markets. It has asked the FCA to investigate the use of Personal Guarantees for limited companies, the FRC to include late payments in audits and Ofgem to ensure small firms get quarterly bills from energy companies.
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.’
Internet link: FSB website