Business Impact Target
1 minute read
Background
The Financial Reporting Council is subject to the Government’s Business Impact Target (BIT) following the provisions of the Small Bussiness, Enterprise and Employment Act 2015, as amended by the Enterprise Act 2016, which aims to:
- reduce regulatory burdens on business and voluntary or community bodies;
- ensure greater transparency around the impact of regulation on business; and,
- provide greater incentives for regulators to design and deliver policies that better meet the needs of business.
Regulatory measures in scope of the Business Impact Target are as defined in the Small Business, Enterprise and Employment Act 2015 and include both legislation and the activities of Ministers and listed regulators.