Sam Woods spoke at a panel to celebrate the fifth anniversary of the Prudential Regulation Authority’s (PRA) Secondary Competition Objective (SCO). This objective requires the PRA to act, where possible, to facilitate effective competition when it makes policies to advance its primary objectives of safety and soundness, and policyholder protection.
Sam explained that, in his view, the SCO has had a profound impact on the PRA’s activities. He said that the PRA has done a lot over the past years but, as we enter the second five years, we should start a debate about the next set of questions, some of which are quite awkward.
Seven awkward questions