Prudential Regulation Authority to give evidence to Financial Services Regulation Committee

• Sam Woods, Deputy Governor for Prudential Regulation and Chief Executive Officer of the Prudential Regulation Authority (PRA)
• David Bailey, Executive Director for Prudential Policy at the Prudential Regulation Authority (PRA).

This session, which is open to the public, will be held in Committee Room 4 of the House of Lords and streamed live and on demand on Parliament TV.

Questions the committee is likely to ask in these sessions include:

• How does the PRA plan to advance its Secondary Competitiveness and Growth Objective?
• Can witnesses share opportunities, or trade-offs, which the UK should take advantage of to facilitate growth?
• The committee has been told that the UK does not provide the level of service that regulators in its competing jurisdictions do. Is this a fair assessment?
• The Government has asked the PRA to allow for sensible risk taking. What does this mean in practice, and what changes will the PRA make to its approach to regulation or supervision to reflect this?
• The committee has heard that the capital requirements regime in the UK weighs disproportionately on small and medium banks, reducing their ability to lend. What more could the PRA do to ensure a proportionate approach to regulation and supervision of smaller and medium-sized banks?

This is the 14th evidence session of the committee’s inquiry into the Financial Conduct Authority (FCA) and the Prudential Regulation Authority’s (PRA) secondary growth and competitiveness objective. This objective was introduced following the passage of the Financial Services and Markets Act 2023.

More about the Financial Services Regulation Committee

The Financial Services Regulation Committee was created in early 2024 following the passing of the Financial Services and Markets Act 2023 which repealed retained EU law for financial services and established a new framework for the regulation of financial services in the United Kingdom.

The committee is chaired by Lord Forsyth of Drumlean. Its members are: Baroness Bowles of Berkhamsted; Baroness Donaghy; Lord Eatwell; Lord Grabiner; Lord Hill of Oareford; Lord Hollick; Lord Kestenbaum; Lord Lilley; Baroness Noakes; Lord Sharkey; Lord Smith of Kelvin; and Lord Vaux of Harrowden.

The committee’s work can be followed on its website.