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7 March 2023 - The work of the Prudential Regulation Authority - Oral evidence

Committee Treasury Committee
Inquiry The work of the Prudential Regulation Authority

Tuesday 7 March 2023

Start times: 10:00am (private) 10:05am (public)


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MPs to question senior leadership of financial services regulator

The Treasury Committee will question senior leaders of the Prudential Regulation Authority (PRA) and members of the Prudential Regulation Committee at 10am on Tuesday 7 March.

The PRA is responsible for the prudential regulation and supervision of banks, building societies, credit unions, insurers and major investment firms.

Likely areas of questioning

In the session, MPs are likely to discuss the Government’s proposed reforms to Solvency II, as well as changes to financial services regulations, including the ring-fencing regime, which separates a firm’s retail banking services from the rest of their business, and the senior managers regime, through which regulators hold individual senior managers to account.

The Government is also proposing that regulators are to be given a new secondary objective to promote ‘growth and competitiveness’. Witnesses’ views are likely to be sought on how this will change the operation of the PRA and whether financial regulation currently constrains the UK’s growth.

MPs are also likely to discuss the lessons learned from last autumn’s collapse in LDI funds, and whether the stability of the UK’s financial system is risked by cryptocurrencies and a ‘digital pound’.

Meeting details

At 10:05am: Oral evidence
Work The work of the Prudential Regulation Authority (Regular evidence sessions)
Deputy Governor for Prudential Regulation at Bank of England, and Chief Executive Officer at Prudential Regulation Authority
External Member, Prudential Regulation Committee at Bank of England
Executive Director, Prudential Policy at Prudential Regulation Authority

Location

The Wilson Room, Portcullis House

How to attend