The UK’s new top banking regulator, Katharine Braddick, will outline plans to set quantifiable performance targets as part of a five-year strategy for the Prudential Regulation Authority (PRA). The move aims to make the regulator more accountable and transparent, with targets likely including speeding up licence approvals, executive appointments, and reducing data burdens on banks and insurers. Braddick, who joined the PRA from Barclays in July, plans to present full details in Q1 2027.
This will be the first time the PRA publishes its strategy or sets measurable goals. Her focus includes improving technology use, including AI, boosting economic growth, and defending against operational risks like cyber attacks. The plan follows a Treasury requirement in the financial services bill.
The PRA, seen as slower than the Financial Conduct Authority, faces pressure to support competitiveness after US regulators eased rules. Braddick, a former Barclays head of strategic policy and ex-Treasury and Bank of England official, was welcomed as a sign of serious regulatory reform. Her predecessor, Sam Woods, shaped much of the post-crisis framework.
Braddick emphasizes explaining objectives and being held accountable. Recent changes include easing bonus restrictions, trimming capital requirements, and relaxing mortgage rules, but financial groups push for more, especially lower capital requirements to support lending and competitiveness.
Source: Financial Times Companies · Summarized by HeadlinesBriefing