UK Prudential Regulation Authority Publishes Its 2018/19 Business Plan

On April 9, 2018, the Prudential Regulation Authority published its Business Plan for 2018/19 which sets out its strategic goals and workplan to deliver those goals. In summary, the PRA's strategic goals and workplan are:

• To have robust prudential standards in place. The PRA will be working to deliver the implementation of ring- fencing of core retail services from wholesale and investment banking. From January 1, 2019, U.K. banks with more than £25 billion of retail deposits must ring-fence their retail business from their investment banking business. The PRA will continue to work with the affected banks to ensure their timely compliance with the requirements and will begin to assess the effectiveness of the arrangements in place by examining firms' policies, governance and control arrangements.