The banking regulator is under pressure to go further and faster in its efforts to cut red tape from the City after it outlined plans to boost the growth of firms within its remit last week.

In a letter to the Prime Minister and Chancellor, the PRA, which sits within the Bank of England and has oversight of banks, insurers and building societies, revealed plans to launch a “concierge service” for foreign investors and streamline its process for drawing up new rules.

It also doubled down on plans to strip back reporting requirements and reduce overlaps in its rulebook. The measures come in response to a Christmas Eve request from the government to 17 regulators, asking them to outline proposals to boost growth.

However, the PRA’s plans failed to win round some lawyers and advisers in the City, who warned the changes may fail to meaningfully shift the dial.

“The PRA reiterated plans to simplify regulatory data and reporting for banks and to address potential overlaps with disclosure, a long-standing priority to reduce regulatory burdens. While these initiatives are generally welcomed, many were already anticipated and may have limited impact on competitiveness and growth,” said Eric Cloutier, group head of banking regulations at Forvis Mazars. 

“In the coming months, the industry will be watching closely to see how activities develop in areas such as capital requirements, financial innovation, and cost of conduct issues.”

Robert Dedman, a partner at law firm CMS and former head of enforcement at the Bank of England, added that plans for a concierge service were “welcome” but more action was needed to ease the overlap of banking rules.