On 9 April 2020, the PRA issued its Business Plan for 2020/21.
The PRA’s strategic goals for 2020/21 relate to matters including the following:
- Robust prudential standards and supervision.
- Adapting to market changes and horizon scanning.
- Financial and operational resilience.
The PRA reports that due to the COVID-19 pandemic it has had to reassess its plans for the coming year and reprioritise its work and resources. In particular, it has looked at its supervisory work with individual firms. It has postponed less critical elements where possible and delayed certain skilled person reviews so that firms can focus on their own contingency arrangements, and its supervisory teams can target key areas to support financial stability. In terms of setting policy, the PRA has elected to extend consultation periods – including the current consultation on operational resilience -where possible to prevent drawing resources away from immediately critical work.