As the UK pushes aims to improve its financial services market, including Fintechs, the Bank of England and Prudential Regulation Authority (PRA), have announced a new Cost Benefit Analysis Panel (CBA Panel).
This new Panel will proffer advice on the impact of new rules or regulations on financial services firms.
The Bank announced that Laurel Powers-Freeling has been appointed chair of the Panel, with approval from HM Treasury, effective from 24 June 2024, for an initial term of three years. The other members appointed are Stephen Gibson, Martina Garcia, Andrew Maclaren, David Aikman, and Kristy Robinson.
The CBA Panel held its first meeting on 9 July 2024 to discuss the Panel’s terms of reference and the PRA’s approach to cost-benefit analysis.
The Panel is expected to begin reviewing the cost benefit analysis of proposed new policies from 1 August 2024.
