Laura WilesThe PRA has published the results of its annual feedback survey.
Overall, the PRA scored higher in most topics than in 2023, with the most positive scores being given for the effectiveness of the relationship with the PRA, including its approachability, responsibsivess and professionalism. There were noted improvements in communication and engagement.
Key themes included:
- Some larger firms found engagements with PRA specialists to be complex and lengthy for example in relation to model approval processes;
- Firms wanted a more coordinated approach between the PRA and FCA, and the PRA and international regulators, for example when developing policy initiatives;
- Firms wanted the PRA to be more transparent about some aspects of their work, including:
- supervisory work plans;
- engagement with other regulators; and
- providing rationales for data requests;
- Some firms commented on the frequency of changes in the composition of supervision teams and the impact this could have on supervisory relationships; and
- Smaller firms in particular noted the importance of proportionate regulation and commented that they would like supervisory activity to be more targeted.