In a speech delivered earlier this week, David Bailey, Executive Director of Prudential Policy at the UK Prudential Regulation Authority (PRA), outlined how the regulator is working to support innovation in the banking and insurance sectors while reinforcing its core mandate of safety and soundness.
"If we support innovation in the right way," he said, "it will help strengthen our financial system, whilst also making it more diverse, efficient and competitive." Bailey discussed this agenda within the context of the PRA's Secondary Competitiveness and Growth Objective, introduced in 2023. While much attention has focused on reducing regulatory burdens, he emphasized the broader goal of enabling firms to innovate, grow, and adapt.
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