PRA publishes its 2023/24 Business Plan

The PRA Business Plan sets out PRA’s strategy, workplan, and budget for 2023/24. It will be delivered through the following strategic goals:

• Maintain and build on the safety and soundness of the banking and insurance sectors, and ensure continuing resilience;
• Be at the forefront of identifying new and emerging risks, and developing international policy;
• Support competitive and dynamic markets, alongside facilitating international competitiveness and growth, in the sectors regulated by PRA; and
• Run an inclusive, efficient, and modern regulator within the central bank.

The Plan notes that these strategic priorities have been amended to anticipate, among other things, the passage of the FSM Bill through Parliament, which proposes to grant PRA an expanded role as a rule-maker, and the new secondary objective to facilitate international competitiveness and growth of the sectors it regulates.

PRA’s provisional budget is estimated at £312 million, compared with a budget of £320.9 million for 2022/23. This remains subject to finalisation of pension costs and year-end adjustments.