At the Mansion House City Banquet, Sam Woods, the Deputy Governor for Prudential Regulation and the Chief Executive of the Prudential Regulation Authority (PRA), describes the two different roles the regulator often finds itself playing, good cop and bad cop.
On issues of common ground where there are shared challenges that the regulator and the firms collectively face, there is no inherent conflict between the public and private interest and the regulator plays the role of good cop. Other areas are ‘battlegrounds’ where there is a degree of tension between the PRA’s interests and those of firms, and the PRA has the role of bad cop. Sam sets out what firms should expect to see from the PRA across both of these areas, now that most of the post-crisis reforms have been completed.
Good cop/bad cop 