On 20 April 2022, the PRA published its Business Plan for 2022/23.
The PRA has replaced the previous eight strategic goals with four strategic priorities which the Business Plan is structured around. These are an evolution of, and broadly consistent with, the previous goals and explain how the PRA seeks to achieve its objectives:
- Retain and build on the strength of the banking and insurance sectors delivered by the financial crisis reforms. The PRA’s focus has now shifted to maintaining an improved level of resilience within the banking and insurance sectors, consistent with its objectives and those of the Financial Policy Committee.
- Be at the forefront of identifying new and emerging risks, and developing international policy. Across the banking and insurance sectors, the PRA will remain especially focused on the first and second order impacts of the war in Ukraine, and on assessing the extent to which this could impact the stability of financial institutions.
- Support competitive and dynamic markets in the sectors that the PRA regulates. The PRA is working on a number of initiatives, which includes its policy approach to prudential policymaking under the government’s Future Regulatory Framework (FRF) proposals. The PRA will publish a discussion paper in 2022, setting out some views on the longer-term approach to prudential policymaking under the FRF.
- Run an inclusive, efficient, and modern regulator within the central bank. The PRA’s RegTech and Data work informs, and is an important component of the Bank of England’s wider data agenda, which, in 2022/23 will include early pilots and production tools, including identification and visualisation of information from a range of data sources, using modern data science techniques such as machine learning.