On 19 June 2014, the PRA published an updated version of the document setting out its approach to insurance supervision. Key changes include (a) updates explaining the PRA's secondary objective of promoting effective competition, (b) information regarding the PRA's international approach to insurance supervision and (c) information outlining the use of PRA powers to address failings in culture in firms (the PRA has also published a policy statement on this point which is designed to be read alongside the updated approach document).