The Prudential Regulation Authority's secondary competition objective

Quarterly Bulletin 2015 Q4
Published on 15 December 2015

By Stephen Dickinson, David Humphry, Paolo Siciliani and Michael Straughan of the Bank’s Prudential Policy Directorate and Professor Paul Grout, PRA Senior Advisor on Competition.

The Prudential Regulation Authority’s (PRA’s) secondary competition objective requires the PRA to act, where possible, in a way that facilitates effective competition when making policies to advance its primary objectives of safety and soundness, and policyholder protection. This article explains the rationale for the objective, how the PRA interprets it, and what this means for the PRA’s regulation of banks and insurers.

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Paul Grout, PRA Senior Advisor on Competition and Professor of Political Economy at the University of Bristol, explains the Prudential Regulation Authority’s (PRA’s) competition objective: why we have it, what is meant by “effective competition” and how it fits with the PRA’s primary objectives.

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