On 21 May 2021, the PRA published the results of its latest annual firm survey that gives PRA-authorised firms the opportunity to comment on their experience of being supervised by the PRA.

The survey gives PRA-authorised firms the opportunity to comment on a number of topics, including:

  • The PRA’s understanding of firms.
  • Firms’ understanding of the PRA’s regulatory objectives and expectations.
  • The PRA’s level of challenge to firms.
  • The effectiveness of firms’ relationships with the PRA.
  • The PRA’s co-ordination with other regulators and data requests.
  • The PRA’s approach to new technologies.

The PRA notes that a few new topics have been raised during the latest survey including:

  • Firms commented the quality of feedback provided was high, however they would benefit more from the PRA increasing the amount and timeliness of this information.
  • Firms were largely positive about the PRA’s understanding of their business models, however a few firms did adversely comment on this matter.
  • The PRA’s approach to operational resilience was generally well received, with firms noting the effectiveness of guidance, and good coordination with the FCA in this joint exercise.