Charlotte Gerken of the PRA has spoken of its supervisory priorities for the sector during 2022. She looked at:
- climate change
- diversity and inclusion
- operational resilience: she commented in particular that, in principle, cloud based solutions can offer better operational resilience than on-site information technology infrastructure – but that the financial stability risks of the sector must be addressed; and
- third country branches: she commented that although PRA does and will authorise third-country branches, they must not be held to lower levels of expectation than domestically authorised firms, and noted that where insurers have a very large exposure to the UK retail market PRA will still expect them to establish subsidiaries in the UK,