The Financial Services and Markets Act 2023 gave the Prudential Regulation Authority (PRA) a new secondary objective, which requires the PRA to facilitate, subject to aligning with relevant international standards, the international competitiveness of the UK economy (including in particular, the financial services sector through the contribution of PRA-authorised persons) and its growth over the medium to long term (SCGO).
This is the first report that the PRA publishes to document its progress in implementing the SCGO and also its existing secondary objective focused on promoting effective competition in the markets for services provided by PRA-authorised firms in carrying out regulated activities (SCO). The report covers the PRA’s SCGO-related initiatives from September 2023 until June 2024, and also discusses the impact of the PRA’s other activities on both the SCGO and the SCO.
Competitiveness and growth: Embedding the PRA’s new secondary objective