PRA CEO tells Starmer main focus is ‘safety and soundness of banks and insurers’

Written by Adam Cadle

20/01/2025

PRA CEO, Sam Woods, has written to UK Prime Minister, Kier Starmer, declaring the regulator’s strong support for Labour’s growth goal.

Woods added, however, that the regulator’s primary objective is “to promote safety and soundness of banks and insurers”.

“Our primary objectives speak mainly to stability, which is the basis for a predictable economic environment that allows households and businesses to be confident in planning ahead and making investment and hiring decisions.

“Financial instability can lead to severe disruptions to the ability of households and businesses to make transactions, manage risks, and access credit, amplifying economic shocks and hindering growth.”

Woods said he looks forward to “continuing to work with the Government to help it achieve its mission of driving economic growth and stand ready to discuss this important topic as required”.

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