PRA sets out proposed approach to post-Brexit policymaking following publication of FSMB

Article summary

The Prudential Regulation Authority (PRA) has published discussion paper DP4/22 describing how it proposes to approach policymaking on the basis of a reformed post-Brexit framework for financial services regulation set out in the Financial Services and Markets Bill (FSMB). The DP also sets out the PRA’s aspirations for the PRA Rulebook, and its early thinking on how it approaches its new secondary objective to facilitate the international competitiveness of the UK economy and its growth in the medium to long-term. Feedback is requested by 8 December 2022. The DP will be followed by a consultation paper (CP) after the FSMB receives Royal Assent. Responses to the CP will then inform the PRA’s final Policy Approach document, which the PRA intends to be the policy equivalent of the PRA's Approach to Supervision publications. The PRA states it will also publish separate documents on its approach to cost-benefit analysis and how it reviews its...