ABI comments on BoE’s findings on the PRA’s new secondary objective
In December 2023 the Bank of England’s Court of Directors commissioned its Independent Evaluation Office to conduct an evaluation of the Prudential Regulation Authority’s approach to its new secondary competitiveness and growth objective (SCGO).
Responding to the findings of the report
We note the publication of the Prudential Regulation Authority’s (PRA’s) report on its new secondary objective on economic growth and competitiveness (SCGO).
"We consider the PRA has made demonstrable progress towards this objective, for example through its recent Innovation Roundtable and through its engagement with industry via Subject Expert Groups (SEGs) – the Matching Adjustment SEGs and the Sandbox SEG being prime examples.
"We also agree with the Bank of England's Independent Evaluation Office's recommendations for how the PRA can make even more progress towards its SCGO. We look forward to continuing to collaborate closely with the PRA as it further embeds its SCGO into its ways of working.”
David Otudeko
the ABI’s Head of Prudential Regulation