F1PART 1AThe Regulators
CHAPTER 2The Prudential Regulation Authority
The PRA's general duties
F22HSecondary F3objectives and duty to have regard to regulatory principles
F4(1)
When discharging its general functions in a way that advances its objectives (see section 2F), the PRA must, so far as reasonably possible, act in a way that advances the following secondary objectives—
(a)
the competition objective, and
(b)
the competitiveness and growth objective.
(1A)
The competition objective is: facilitating effective competition in the markets for services provided by PRA-authorised persons in carrying on regulated activities.
(1B)
The competitiveness and growth objective is: facilitating, subject to aligning with relevant international standards—
(a)
the international competitiveness of the economy of the United Kingdom (including in particular the financial services sector through the contribution of PRA-authorised persons), and
(b)
its growth in the medium to long term.
(2)
In discharging its general functions, the PRA must also have regard to the regulatory principles in section 3B.