The PRA Business Plan sets out the PRA’s strategy, workplan, and budget for 2021/22. The PRA’s strategy will be delivered through the following strategic goals:
- Have in place robust prudential standards and hold regulated firms, and those who run them, accountable for meeting these standards;
- Continue to adapt to changes in the markets in which we are involved, and pre-empt and mitigate risks to our objectives;
- Ensure that firms are adequately capitalised, and have sufficient liquidity, for the risks they are running or planning to take;
- Develop our supervision of operational resilience in order to mitigate the risk of disruption to the provision of important business services;
- Ensure that banks and insurers have credible plans in place to enable them to recover from stress events, and that firms work to remove barriers to their resolvability to support the management of failure – proportionate to the firm’s size and systemic importance – in an orderly manner;
- Facilitate effective competition by actively considering the proportionality of our approach as it contributes to the safety and soundness of the UK financial system;
- Maintain a sustainable and resilient UK financial regulatory framework following the UK’s exit from the European Union; and
- Operate effectively and efficiently by ensuring that resources are allocated to work that best advances our strategy and reduces the greatest risks to the delivery of our statutory objectives, and by providing an inclusive working environment in which all staff can perform to their potential.