  More generally, we have issued over 700 approvals and waivers under Solvency II; many of these allow for alternative approaches to calculating technical provisions and capital requirements. We have made full use of the flexibility within Solvency II to tailor regulatory requirements to the wide range of different insurance business models present in the UK.   We have set out our proposals to reduce the reporting burden on firms. Of the part of the reporting package that is within the PRA’s gift to change, our proposals would reduce the required reporting by up to half.   We have implemented a streamlined and tailored regime for the smallest firms, representing 35% of the firms we regulate, that fall outside the scope of Solvency II.   We continue to support new firm authorisations, having authorised 26 new insurance firms since 2013. Furthermore, we are exploring how we might improve our current authorisations approach to facilitate the entry of new insurers. Some have expressed concern that the PRA's focus on prudential matters may inhibit competition. I would argue that the opposite is true. Prudential regulation is integral to competition. Without minimum standards, 5  All speeches are available online at www.bankofengland.co.uk/speeches  5  policyholders would be much more exposed to the risks presented by imprudently run firms. An absence of prudent standards would enable less scrupulous firms to drive out better-managed firms by engaging in unsustainable pricing practices in order to gain a greater market share.
•  Let me also acknowledge a number of Peter’s colleagues on the Committee through the critical period of 1986–88 when the Accord was settled. I am delighted that you were all able to join us today. •  Finally, I would especially like to welcome Paul Volcker to the symposium. Paul was instrumental within the G10 Governors in pushing for an international benchmark on bank capital. In particular, together with Robin Leigh-Pemberton of the Bank of England, he was critical in forging the agreement that produced the world’s first international standard for bank capital. Paul – I don’t think it is too much to say that a great deal of today’s global financial regulation was founded on your original vision. BIS central bankers’ speeches  1  As a scene-setter for this morning’s discussions, I would offer some thoughts on the key influences on the evolution of the Committee to date. The Basel Committee and its activities have changed almost beyond recognition since its establishment in 1974, or even since 1988 when the first Accord was agreed. I doubt whether the founding Governors really foresaw what the Committee would eventually become: not just an international standard setter, but also one that now conducts peer reviews of members’ compliance with their agreements. Indeed, if they had, I suspect that a few of them might have been against the Committee’s establishment in the first place! But times change, the financial sector has evolved, and the Committee has moved with the times.