Source · Select Committees · Treasury Committee
Recommendation 21
21
Paragraph: 136
We will conduct scrutiny of the Prudential Regulation Authority’s ‘Strong and Simple Framework’ proposals.
Conclusion
We will conduct scrutiny of the Prudential Regulation Authority’s ‘Strong and Simple Framework’ proposals. We will examine the impacts of the proposed reforms on the safety and soundness of smaller firms, and whether the reforms would successfully reduce the burden of regulation for these firms.
Paragraph Reference:
136
Government Response
Acknowledged
HM Government
Acknowledged
The PRA agrees that a fast and efficient transfer of all relevant retained EU law would allow us to address the complex policy framework in a comprehensive and efficient manner. We are committed to working with Treasury and other regulators to agree on a process for this transfer, and to providing as much clarity as possible to stakeholders on our forward plans. Once requirements are set out in PRA rules rather than retained EU legislation, we will be able to review all rules relevant to a policy area holistically, providing us with greater flexibility to tailor our response and make policy in a more responsive and dynamic manner. It will also facilitate reform of the PRA Rulebook to make it more accessible and easier for firms to navigate. We are already making progress on this long-term project—for example, in July we published a Prudential and Resolution Policy Index4, which divides