But we have done a lot to lean against this – most importantly our holistic approach to Pillar 2A, our success in getting Basel to lower very significantly the standardised risk-weight for lower-LTV mortgages, our introduction of the modular approach for IRB applications and the introduction of a leverage ratio into our regime. 1 Besides these 17 new UK banks, the PRA also authorised new banks to meet ring-fencing requirements and overseas banks. The total of all banks authorised by the PRA since its formation in 2013 is 39. 2  All speeches are available online at www.bankofengland.co.uk/publications/Pages/speeches/default.aspx  2    Third, related moves that we have made on the insurance side including a New Insurers Unit, our proportionate Non-Directive Firms regime for small insurers outside the scope of Solvency II, our active use of what flexibility there is in Solvency II to lower the administrative burden for smaller firms, and our new regime for insurance-linked securities. My aim in mentioning these things is not to bore you, though I can see I may have succeeded in doing that, but to illustrate the simple point that the PRA has been very active in advancing its competition objective over the first five years of its existence. The objective has had a significant impact already: I would argue that, with the exception of the leverage ratio, we simply would not have done any of the things I’ve just mentioned if we did not have a competition objective.

It may be worthwhile, as we discuss on current matters during the course of this training, to bear in mind and have foresight on the potential challenges that may surface from cross-border sharing of information, including the differences in legislative frameworks across different countries, confidentiality of information and network integration. Therefore, I note with interest that this workshop will also discuss the legal framework surrounding the credit reporting industry. In Malaysia, the Credit Reporting Agencies Act was gazetted in 2010, and is in the midst of being operationalised. The Act allows for the sharing of credit information in a regulated environment, primarily seeking to strike a balance between providing lenders with information for risk management purposes, and protecting borrowers’ rights to privacy. A Registrar has been set-up to oversee the implementation of the Act. The Office of the Registrar has regular engagements with credit reporting agencies to effectively implement the Act and ensure minimal disruption to the entire operations of the industry. While the benefits of a sound credit registry infrastructure are evident, it is critical to educate consumers on how to use their credit reports and to manage their level of debt. Financial education is, therefore, an important pillar which complements the work being done in enhancing credit information reporting. Proficiency in financial knowledge will contribute towards greater empowerment and competent financial decisions on the part of consumers, and also result in improved financial services by financial institutions. In Malaysia, financial education for adults is implemented through financial capability programmes, such as the POWER!