News release

The Prudential Regulation Authority (PRA) and Bank of England (the Bank) have established a new cost benefit analysis panel ('the CBA Panel'). The CBA Panel will provide advice on the preparation of cost benefit analysis when the PRA and Bank propose new rules or amend existing rules for firms and financial market infrastructures. The CBA Panel may also provide recommendations for how the PRA and the Bank can improve their overall methodology and approach to cost benefit analysis.

The PRA is required to establish and maintain a CBA Panel under section 138JA of the Financial Services and Markets Act 2000.

Laurel Powers-Freeling has been appointed chair of the Panel, with approval from HM Treasury, effective from 24 June 2024 for an initial term of three years. The other members appointed are Stephen Gibson, Martina Garcia, Andrew Maclaren, David Aikman and Kristy Robinson.

Laurel Powers-Freeling, Chair of the CBA Panel, said:

“I am delighted to be leading this exciting new panel, working alongside so many astute and widely experienced colleagues. The work of the PRA and the Bank is so important to the stability of our financial sector, and it is essential that we provide frank and timely advice to ensure its continued success.”

Sam Woods, Deputy Governor for Prudential Regulation and Chief Executive Officer of the PRA, said: 

“Cost benefit analysis is an essential part of policy development, and I’m delighted that we’ve been able to attract such a strong panel to help ensure that we do the best job we can in this vital area.”

Sarah Breeden, Deputy Governor for Financial Stability and Chair of the Bank’s Financial Market Infrastructure Committee, added:

“This panel is a welcome addition to the UK’s framework for financial regulation. Cost benefit analysis enhances the transparency and scrutiny of our policymaking, and I look forward to working with the panel.”

The CBA Panel held its first meeting on 9 July 2024 to discuss the Panel’s terms of reference and the PRA’s approach to cost benefit analysis. It will begin reviewing the cost benefit analysis of proposed new policies from 1 August 2024. The Panel will also discuss the Bank’s approach to cost benefit analysis in the early autumn.

The CBA Panel is composed of senior financial services and cost benefit analysis experts. 

Notes to editors

1. The Financial Services and Market Act 2023 (FSMA) (amending FSMA 2000) requires the PRA to establish and maintain a new CBA Panel.
2. The appointment of Laurel Powers-Freeling as the CBA Chair was approved by the Bank of England’s Prudential Regulation Committee, in consultation with the Financial Market Infrastructure Committee, and HM Treasury. This appointment is effective from the 24 June 2024 for an initial three-year term which is once renewable.
3. The appointments of other CBA Panel members are agreed by the Bank of England’s Prudential Regulation Committee, in consultation with the Financial Market Infrastructure Committee. All members have begun their terms.
4. The members of the CBA Panel are:

• Laurel Powers-Freeling (Chair), Laurel is a businessperson with extensive experience across banking, consultancy and insurance. Laurel is currently Chair of Uber UK, Moneybox, Ripe Thinking Insurance, Cambridge University Health Partners, and Cambridge Biomedical Campus Ltd. Laurel is also a Trustee of Chapter Zero Alliance and a Fellow of Hughes Hall, University of Cambridge, as well as an Honorary Fellow of the Royal Academy of Music.
• Stephen Gibson, Stephen is an economist with over 30 years of professional experience of leading major economic and regulation projects. Stephen is currently: Director of SLG Economics, a consultancy providing expert regulatory and competition economics advice; a Senior Fellow at the Mossavar-Rahmani Center for Business and Government in Harvard Kennedy School, Harvard University; a Senior Fellow at the London School of Economics; Chair of the UK Government’s Regulatory Policy Committee; Director of RegWatchEurope, the group of European regulatory scrutiny bodies; and an economic advisor to Coram, a charity which works for and supports children and young people. 
• Martina Garcia, Martina brings experience in financial services policy and regulation having previously held senior roles at the Centre for the Study of Financial Innovation (CSFI), London Stock Exchange Group and 
  HM Treasury. Martina is now an independent non-executive director of Haitong Bank. 
• Andrew Maclaren, Andrew is an insurance and investment actuary at the Government Actuary's Department. Andrew has worked in the public and private sectors as an actuary and asset manager. Andrew is currently the trustee of two pension funds, an investment adviser and independent university examiner. Andrew is also a Fellow of the Institute of Actuaries and the CFA Society of the UK.
• David Aikman, David is an economist with extensive experience working in central banking and academia. David is currently Professor of Finance at King’s Business School and Director of the Qatar Centre for Global Banking & Finance.
• Kristy Robinson, Kristy is Managing Director in JP Morgan Chase’s Accounting Policies and Advisory Group. Kristy has almost 30 years’ experience working in the banking and standard-setting sectors.

5. There is a vacancy for a further member from a PRA-authorised firm that will be appointed in due course once the recruitment process is finalised.