The PRA has published its 2024/25 Business Plan. The plan focuses on:
- maintaining and building on the safety and soundness of the banking and insurance sectors and ensuring continuing resilience;
- being at the forefront of identifying new and emerging risks, and developing international policy;
- supporting dynamic and competitive markets and facilitate international competitiveness and growth in relevant markets; and
- running an inclusive, efficient and modern regulator within the central bank.
Sam Woods comments that this will be the first full year of operation under the new FSMA 2023 powers. Among continuing and new initiatives will be:
- the strong and simple framework;
- Solvency UK;
- the Banking Data Review;
- improvements to the authorisation process;
- reforms to ring-fencing;
- work to maintain resilience of the banking and insurance sectors;
- Basel 3.1 implementation; and
- operational and cyber resilience within firms.