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—
the competition objective, and
the competitiveness and growth objective.
The competition objective is: facilitating effective competition in the markets for services provided by PRA-authorised persons in carrying on regulated activities.
The competitiveness and growth objective is: facilitating, subject to aligning with relevant international standards—
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
its growth in the medium to long term.
In discharging its general functions, the PRA must also have regard to the regulatory principles in section 3B.