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ARTICLE · 17 MAY 2023

PRA Releases 2023/24 Business Plan

Herbert Smith Freehills Kramer LLP
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The UK PRA released its Business Plan 2023/24 on 2 May 2023. The plan sets out the PRA's planned activities grouped under four strategic priorities...

United KingdomInsurance
Jon Ford
Jon Ford
Cat Dankos
Cat Dankos

The UK PRA released its Business Plan 2023/24 on 2 May 2023. The plan sets out the PRA's planned activities grouped under four strategic priorities:

  • maintaining and building on the safety and soundness of the banking and insurance sectors, and ensuring continued resilience;
  • being at the forefront of identifying new and emerging risks, and developing international policy;
  • supporting competitive and dynamic markets, alongside facilitating international competitiveness and growth, in the sectors the PRA regulates; and
  • running an inclusive, efficient and modern regulator within the central bank.

The plan also includes an overview of the PRA's budget for 2023/24. Overall, there are no surprises, the plan is very much a continuation from the previous year with perhaps an uptick around work towards the Future Regulatory Framework (FRF). The PRA's publication follows on from the FCA releasing its Business Plan on 5 April; t highlights some areas of joint

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