PRA published its business plan for 2018–19. The business plan sets out the strategic goals, the workplan to deliver the strategic goals, and the PRA budget for the coming year.
The strategy of PRA outlines its intentions over the medium to long term. It was set by the Prudential Regulation Committee (PRC), in consultation with the Bank’s Court of Directors. The strategic goals of PRA, for 2018–19, are to:
- Have in place robust prudential standards comprising the post-crisis regulatory regime
- Continue to adapt to changes in the external market and to hold regulated firms, and those who run them, accountable for meeting its standards
- Ensure that firms are adequately capitalized, and have sufficient liquidity, for the risks they are running or planning to take
- Develop the supervision of operational resilience to mitigate the risk of disruption to the provision of critical economic functions
- Ensure that banks and insurers have credible plans in place to enable them to recover from stress events, including a credible resolution strategy to manage a firm’s failure—proportionate to the firm’s size and systemic importance—in an orderly manner
- Facilitate effective competition by actively considering the proportionality of its approach
- Deliver a smooth transition to a sustainable and resilient UK financial regulatory framework, following the exit of the UK from EU
- Operate effectively by ensuring that resources are allocated to the work that best advances its strategy and reduces the greatest risks to the delivery of its statutory objectives
Along with the business plan, PRA published the consultation paper CP7/18 titled “Regulated fees and levies: rates proposals 2018/19.” CP7/18 includes proposals for allocating the cost of PRA’s 2018–19 ongoing regulatory activities across PRA fee payers. In the summer, PRA plans to publish its Annual Report for the year ended February 28, 2018.
Keywords: Europe, UK, Banking, Insurance, Securities, Business Plan, Workplan, Strategic Goals, PRA
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