2.1 This chapter covers the PRA's feedback to responses that addressed CP5/21 as a whole, as opposed to any of the individual proposals contained in the CP.

General approach, have regards, and PRA objectives

2.2 Three respondents commented in support of the PRA's general approach to the implementation of Basel III standards. One respondent supported the introduction of the new have regards in the FS Act, suggesting these principles will enable UK authorities to strike the right balance between prudent rulemaking, international regulatory alignment, and the future attractiveness of the UK as a financial centre.

2.3 Another respondent suggested that the new have regards, together with the proportionality measures, should help unlock economic growth and investment in the UK. Two respondents supported the PRA's approach to implementing the Basel III standards using the CRR II legislation as the initial basis. Those respondents supported the FS Act requirements, particularly the requirement to have regard to Basel standards and the competitiveness of the UK.

2.4 One respondent recognised the PRA's primary and secondary objectives, but suggested the PRA should give greater consideration to the have regard on competitiveness.