  For a small number of you, we will need better information and visibility going forward to bring you in line with others. We will start that discussion with you now.   For those going in to TPR, it will be a gradual evolution. These firms have had extensive interaction with the PRA’s supervisors over the past three years – we have seen substantial preparations by  9  All speeches are available online at www.bankofengland.co.uk/news/speeches and @BoE_PressOffice  9  these firms as part of their authorisation submissions and we have worked together with firms on a large number of thematic reviews.   And, for those considering coming to the UK to operate, it provides clarity on our approach so you can consider how best to meet our expectations. For our regulatory colleagues around the world, we look forward to continuing to build our open and supportive relationships. 10  All speeches are available online at www.bankofengland.co.uk/news/speeches and @BoE_PressOffice  10
Outside the UK, the model of independent regulators with mandates making rules is common practice in most other jurisdictions. The need for operational independence is reflected in the Basel Core Principles for banking supervision.8 All jurisdictions represented in the Basel Committee implemented the Basel 3 reforms through regulators’ rules or guidelines rather than primary legislation, with the exceptions of the EU, with its very specific supranational structure, and Switzerland, with its unique federal structure. Details of the FPC’s objectives and primary responsibilities are set out in section 9C of the Bank of England Act 1998. In particular, the FPC is charged with ‘the identification of, monitoring of, and taking of action to remove or reduce, systemic risks with a view to protecting and enhancing the resilience of the UK financial system’, but this does not ‘require or authorise the Committee to exercise its functions in a way that would in its opinion be likely to have a significant adverse effect on the capacity of the financial sector to contribute to the growth of the UK economy in the medium or long term’. For a more detailed discussion of the FPC’s mandate, see my colleague Alex Brazier’s May 2019 speech, ‘Citizens in service, not people in power’, available at https://www.bankofengland.co.uk/-/media/boe/files/speech/2019/citizens-in-service-not-people-in-power-speech-byalex-brazier.pdf.