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Financial Services (Banking Reform) Act 2013

Section 130: Competition as a secondary objective of the PRA

300.Section 130(1) provides the PRA with a new, secondary, competition objective, by substituting section 2H of FSMA. The new section 2H provides that, in exercising its general functions, such as making rules, in a way which advances its general objective (and where relevant, its insurance objective), the PRA must act in a way which, as far as is reasonably possible, facilitates effective competition in the markets in which PRA-authorised persons operate. It also restates the existing requirement that, in exercising its general functions, the PRA must also have regard to the regulatory principles in section 3B. Subsection (2) amends paragraphs 19 and 20 of Schedule 1ZB to FSMA to require the PRA to include information on its compliance with the new competition objective in its annual report, and to invite representations on whether it has facilitated effective competition.

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