The Financial Services and Markets Act 2023 legislated for the creation of Cost Benefit (CBA) Panels dedicated to supporting the regulators in producing cost benefit analysis for each of their reforms. The Sub-Committee has consistently been of the view that the regulators’ cost benefit analysis did not capture the full costs faced by firms, nor did they adequately explain and quantify the benefits of the reforms they were proposing. We will continue to scrutinise the cost benefit Edinburgh Reforms One Year On: Has Anything Changed? 29 analysis of each proposal, and will pay close attention to the impact the CBA panels have, and whether they improve quality of the CBAs that are published in future. (Paragraph 59) 30 Edinburgh Reforms One Year On: Has Anything Changed?