generate so much interest from our staff? this part of our work has its origins in two simple observations about financial history. the first is that crashes and financial crises are an enduring phenomenon 1. the second is that as memories of the most recent crisis fade, market participants often gravitate back to bad practices, sometimes in a new - fangled form, leading to the next crash. we would delude ourselves if we thought that, unless we wish to crush all risk out of the financial system, regulation can entirely eliminate these phenomena. however, only a decade on from one of the most spectacular and damaging financial crises the world has ever seen, we can set ourselves the more modest objective of leaning strongly against them, to make things less bad next time round. this is what our horizon - scanning activity is for. it aims to pre - empt and mitigate risks to our objectives which arise in two main ways. first, firms may risk up in ways that are excessive or not properly controlled or capitalised. second, the new regulatory framework is in part designed to change firms ’ behaviours, but as the framework settles down market participants have some short - term private incentives to find the weak spots in it and push business into those cracks – in other words, to conduct regulatory arbitrage. often things 1 see for instance : panics, manias and crashes – kindleberger et al ; and this time is different – reinhart & rogoff all speeches are available online at www. bankofengland. co. uk / publications / pages / speeches / default. aspx we should worry about are a combination of these two things. and it is sometimes inherently harder for the regulator to observe and act on these risks, relative to asking important but simpler questions such as whether a firm meets its capital requirements. now i appreciate that that may all sound rather philosophical. so let me make it more real for you by giving some concrete examples of issues we have been working on in this broad area. as we mark today the 150th birthday of the bsa, an obvious place to start is the uk housing market. for deposit - takers including banks and building societies, this is the biggest single loan exposure, and it is also the biggest liability of uk households. and in insurance, firms are taking on more exposures to housing in response to the developing financial needs of consumers. so this will always be an important asset class for the pra. but there are a number

ravi menon : the wellness of investing - eating well, sleeping well, feeling well keynote remarks by mr ravi menon, managing director of the monetary authority of singapore, at sias 1st master series investment conference, singapore, 11 july 2019. * * * mr david gerald, founder, president and ceo of securities investor association ( singapore ) ( sias ), ladies and gentlemen, good morning. let me begin by congratulating sias on 20 successful years as an effective champion for retail investors in singapore. you have been an ardent voice for investors – a voice of reason and balance, unwavering in looking out for the interest of investors, but always in a co - operative way with all stakeholders. you have been a strong advocate for good corporate governance – engaging boards to strengthen governance practices, and facilitating a constructive dialogue between investors and listed companies. you have also been a valued partner of mas. you are a long - standing supporter of moneysense, the national financial well - being programme, helping us to deliver financial education messages so that investors can make better informed decisions. the journey has not been easy for sias. funding is a perennial challenge. you have had to rely entirely on your own fund - raising efforts and the goodwill of donors and sponsors. this is not ideal from a long term perspective. mas is willing to support sias. we are working closely with sias and other stakeholders to come up with viable funding options, to achieve financial sustainability while ensuring sias ’ credibility as an advocate for investors. it is important that sias continues and builds upon the good work it has done to - date. as they grow in financial sophistication, more singaporeans are taking to investing. at the same time, the investment landscape is becoming increasingly complex and challenging. the theme for today ’ s conference is timely – the future of investing. i will not try to predict that future or, worse still, offer tips on what to invest in. there are many experts that sias has gathered, who can do that better than i. instead, i want to talk about how we might achieve wellness in investment, taking into account some broad trends and how mas is working with the financial industry to create the investment ecosystem to make possible this wellness. as with achieving physical and mental well - being, may i suggest that achieving wellness in investment comprises three things : eating well ; sleeping well ; and feeling well. eating well is about investing for good financial returns. 1 / 7 bis central