PRA has published updated versions of its “approach” documents setting out how it supervises the banking and insurance sectors, updated to include changes made by the FSMA 2023. The new documents replace the 2018 versions and explain:
- PRA’s objectives;
- PRA’s approach to advancing its objectives;
- identifying risks to the objectives;
- supervisory activity and how PRA interacts with firms and its engagement with FCA; and
- how PRA applies proportionate application of its supervisory approach.