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ARTICLE · 01 FEBRUARY 2024

The UK's Banking Regulator Sets Out 2024 Priorities

Hogan Lovells Cadwalader
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The context of this year's letter is the events of 2023, and the consequences of sudden losses of customer, counterparty or market confidence and the subsequent need for regulatory intervention.

United KingdomFinance and Banking
Alix Prentice
Alix Prentice
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Rebecca Jackson, Executive Director, Authorisations, Regulatory Technology, and International Supervision at the Prudential Regulation Authority ("PRA") has written to international banks on the PRA's thematic supervision priorities for 2024.

The context of this year's letter is the events of 2023, and the consequences of sudden losses of customer, counterparty or market confidence and the subsequent need for regulatory intervention. A clear theme for supervisors in 2024 will be governance, risk management, and the ready availability of tools and controls to ensure the speedy identification of risks and appropriate mitigants in challenging market conditions. The PRA is going to be looking to senior management to promote an appropriate risk culture based on an environment of 'cognitive diversity' that encourages robust decision-making and takes into account new challenges such as novel technologies, including AI.

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