April 15, 2019

PRA published its business plan for 2019–20, which sets out the work planned for each strategic goal of PRA. It also presents an overview of budget from March 01, 2019 to February 29, 2020.

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 2019–20, are to:

  • Have in place robust prudential standards comprising the post-crisis regulatory regime and hold regulated firms, and those who run them, accountable for meeting these standards (robust prudential standards and supervision)
  • Continue to adapt to changes in the markets and preempt and mitigate risks to the objectives (adapt to market changes and horizon scanning)
  • Ensure that firms are adequately capitalized, and have sufficient liquidity, for the risks they are running or planning to take (financial resilience)
  • Ensure that operational resilience is established in the prudential framework and through time becomes as embedded in the supervisory approach as financial resilience is today (operational resilience)
  • Ensure that banks and insurers have credible plans and capabilities in place to enable them to recover from financial stress events, including a credible strategy to manage a firm’s failure in an orderly manner (recovery and resolution)
  • Facilitate effective competition by actively considering the proportionality of the approach as it contributes to the safety and soundness of the UK financial system
  • Deliver a smooth transition to a sustainable and resilient UK financial regulatory framework following the UK’s exit from the EU (EU withdrawal)
  • Operate effectively and efficiently by ensuring that resources are allocated to work that best advances the strategy and reduces the greatest risks to the delivery of the statutory objectives (efficiency and effectiveness)

Along with the business plan, PRA also published a consultation paper (CP9/19) titled “Regulated fees and levies: Rates proposals 2019/20,” which explains how PRA proposes to fund its budget. This consultation closes on May 14, 2019.

 

Related Links

Comment Due Date: May 14, 2019 (CP9/19)

Keywords: Europe, UK, Banking, Insurance, Work Plan, IFRS 9, IFRS 17, Stress Testing, Solvency II, Basel III, Recovery and Resolution, PRA

Related Articles
News

FSB to Evaluate Effects of Too-Big-To-Fail Reforms for Systemic Banks

FSB is seeking feedback as part of its evaluation of the effects of the too-big-to-fail reforms for banks.

May 23, 2019 WebPage Regulatory News
News

APRA Releases Minor Changes to Reporting Standards on SA-CCR for Banks

APRA released minor changes to the three reporting standards for the standardized approach for measuring counterparty credit risk exposures (SA-CCR).

May 22, 2019 WebPage Regulatory News
News

APRA on Industry Self-Assessments into Governance and Accountability

APRA released an information paper analyzing the self-assessments performed by 36 of the country’s largest banks, insurers, and superannuation licensees in response to the final report on the Prudential Inquiry into the Commonwealth Bank of Australia (CBA).

May 22, 2019 WebPage Regulatory News
News

PRA Consults on Maintenance of TMTP Under Solvency II

PRA published a consultation paper (CP11/19) that sets out its approach to update supervisory statement (SS6/16) on maintenance of the transitional measure on technical provisions (TMTP) under Solvency II.

May 22, 2019 WebPage Regulatory News
News

APRA Proposes to Amend Guidance on Residential Mortgage Lending

APRA is consulting on revisions to the prudential practice guide APG 223 on residential mortgage lending in Australia.

May 21, 2019 WebPage Regulatory News
News

IASB Proposes Improvements to IFRS 9 and IFRS 16

IASB published the exposure draft ED 2019/2 that proposes amendments to four IFRS standards, including IFRS 9 on Financial Instruments and IFRS 16 on Leases.

May 21, 2019 WebPage Regulatory News
News

Denis Beau of BDF on Supervisory Priorities for Climate-Change Risks

Denis Beau, the First Deputy Governor of BDF, delivered opening remarks at the BCBS-BSCEE-FSI High-level Meeting for Europe on banking supervision.

May 21, 2019 WebPage Regulatory News
News

ISDA CDM to be Deployed for UK Digital Regulatory Reporting Pilot

ISDA announced deployment of the ISDA Common Domain Model (ISDA CDM 2.0) to support the UK FCA, BoE, and participating financial institutions in testing phase two of the Digital Regulatory Reporting pilot for derivatives.

May 21, 2019 WebPage Regulatory News
News

MAS to Consolidate Regulation of Merchant Banks Under Banking Act

MAS published a consultation paper that proposes to consolidate the regulation of merchant banks under the Banking Act and to move merchant banks to a licensing regime under the MAS Act.

May 21, 2019 WebPage Regulatory News
News

ESAs Amend Technical Standards on Mapping of ECAIs Under CRR

ESAs published a second amendment to the implementing technical standards on the mapping of credit assessments of External Credit Assessment Institutions (ECAIs) for credit risk under the Capital Requirements Regulation (CRR).

May 20, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 3118