PRA has published its Business Plan for 2020/21. Like FCA, PRA comments that Covid-19 has made it reassess its plans and reprioritise its work, and it will continue to assess the effects of the outbreak on its actions. The plan:
- sets PRA’s strategy, to be delivered through its strategic goals of:
- robust prudential standards and supervision – focussing on what matters most;
- adapt to market changes and horizon scanning – with climate change playing a large part in this;
- financial resilience – although stress testing is postponed, PRA will continue to review firms’ asset quality, risk management and governance programmes;
- operational resilience – following on from December’s consultation;
- recovery and resolution;
- competition – particularly supporting the New Bank and New Insurers start-up units and looking at barriers to growth, while implementing proportionate policies;
- EU withdrawal; and
- efficiency and effectiveness; and
- sets out PRA’s budget for the next year.