Braddick sets out her vision for banking watchdog with £2bn overhaul

Katharine Braddick has kicked off her revamp of the UK banking’s watchdog with a regulatory overhaul aiming to generate £2bn in savings for City firms. The Prudential Regulation Authority chief, who took the reins in July, told a City audience on Thursday evening the watchdog would focus on four key priorities of resilience, growth, innovation and transparency over the next 10 years. “Our task is to determine what the PRA must deliver in its second decade and how to create the regulator the UK will need for the future,” Braddick said. The remarks came as Braddick in tandem with the Financial Conduct Authority unveiled an overhaul of the Senior Managers and Certification Regime (SM CR) with a package estimated to save financial firms £2bn over 10 years. Reforms included scrapping the Certification regime, which removes the requirement to annually assess, certify and publicly register around 139,000 non-senior management staff.  Pre-approvals for non-executive senior