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ARTICLE · 17 MAY 2023

UK's Prudential Regulation Authority Publishes Annual Business Plan

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The Business Plan also addresses operational risk and resilience.

United KingdomFinance and Banking
Alix Prentice
Alix Prentice
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The UK's Prudential Regulation Authority ("PRA") has published its Business Plan for 2023/23 setting out its strategic priorities and anticipating its new, secondary objective to facilitate international competitiveness and economic growth which is currently being considered in Parliament in the Financial Services and Markets Bill ("FSM Bill").

The Business Plan covers four strategic priorities for the coming year:

1. Maintain and build on the safety and soundness of the banking and insurance sectors and ensure continuing resilience

The focus here is on financial resilience, and the PRA leads with its recent consultation on the UK's implementation of Basel 3.1 standards and their significant impact on the calculation of risk-weighted assets. Also flagged are proposals to: (a) remove the Common Equity Tier 1 capital deduction requirement for non-performing exposures and associated reporting requirements; (b) work on changes to the Securitisation Regulation in

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