PRA Publishes Business Plan for 2018–19
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.
Related Links
Keywords: Europe, UK, Banking, Insurance, Securities, Business Plan, Workplan, Strategic Goals, PRA
Related Articles
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.
BIS Bulletin Examines Cognitive Limits of Large Language Models
The use cases of generative AI in the banking sector are evolving fast, with many institutions adopting the technology to enhance customer service and operational efficiency.
ECB is Conducting First Cyber Risk Stress Test for Banks
As part of the increasing regulatory focus on operational resilience, cyber risk stress testing is also becoming a crucial aspect of ensuring bank resilience in the face of cyber threats.
EBA Continues Momentum Toward Strengthening Prudential Rules for Banks
A few years down the road from the last global financial crisis, regulators are still issuing rules and monitoring banks to ensure that they comply with the regulations.
EU and UK Agencies Issue Updates on Final Basel III Rules
The European Commission (EC) recently issued an update informing that the European Council and the Parliament have endorsed the Banking Package implementing the final elements of Basel III standards