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

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