Competing for growth − speech by Sam Woods

The speech focuses on the UK financial regulators' new secondary competitiveness and growth objective. The author, a regulator, emphasizes that the objective is to be taken seriously and that concrete actions are being taken to deliver it. The author debunks common myths about regulation, including the notion that prudential regulators aim to remove all risk from the system or unleash financial mayhem. Instead, the author argues that regulators aim to ensure risks are properly managed, allowing for growth and innovation.

The speech highlights several key actions being taken by the regulator to deliver the new objective, including scrapping the bankers' bonus cap, proposing changes to remuneration rules, and implementing a range of reforms to simplify regulations. The author also emphasizes the importance of balancing competitiveness with financial stability and ensuring that regulators are accountable and responsive to stakeholders.

The speech concludes by highlighting the need for a balanced approach to regulation, one that supports growth and competitiveness while maintaining financial stability. The regulator notes that the UK has a unique opportunity to find a sweet spot in financial regulation, consolidating gains since the financial crisis while making regulation more efficient and effective.