On 30 July 2024, the Prudential Regulation Authority (PRA) and Bank of England (BoE) announced that they have established a new cost benefit analysis panel (CBA Panel).
The CBA Panel will provide advice on the preparation of cost benefit analysis (CBA) when the PRA and BoE propose new rules or amend existing rules for firms and financial market infrastructures. It may also provide recommendations on how the PRA and the BoE can improve their overall methodology and approach to CBA.
The PRA is required to establish and maintain a CBA Panel under the Financial Services and Markets Act 2000 (section 138JA).
The CBA Panel will begin reviewing the CBA of proposed new PRA policies from 1 August 2024, and will also discuss the BoE’s approach to CBA in early autumn 2024.