Risk & Regulation Rundown An ambitious agenda - what the PRA’s business plan means for banks - S3E9
May 24, 2022
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PRA’s Secondary Objectives
- The UK government has confirmed new secondary objectives for regulators like the PRA, focusing on growth and international competitiveness.
- These objectives are secondary to the primary objectives of safety and soundness, meaning regulators will likely prioritize financial stability.
PRA’s Approach to Competitive Markets
- The PRA aims to support competitive markets by reviewing ring-fencing rules and promoting orderly exit strategies for banks.
- The strong and simple regime is being developed to ease regulatory burdens on smaller banks, improving proportionality.
PRA’s Internal Focus
- The PRA is focusing on its own operations, including diversity and inclusion, data analytics, governance, and internal controls.
- This internal focus mirrors the expectations they have for regulated firms, ensuring alignment in practices.