The PRA has published its 2026/27 Business Plan, setting out its strategic priorities and strategy to advance its key objectives.
This year’s business plan confirms the PRA’s continued focus on safety and soundness and policyholder protection, alongside a proportionate and efficient approach to regulation.
Sam Woods, deputy governor, prudential regulation, CEO of the PRA, said: “Our statutory objectives remain unchanged from last year – with our primary objectives to promote the safety and soundness of firms and, for insurers, to protect policyholders, alongside our secondary objectives of facilitating competition, competitiveness and growth.
“Recent market turbulence resulting from events in the Middle East has highlighted the importance of a resilient financial sector, and in support of this, we will maintain our forward-looking supervisory regime and our efforts to manage current and emerging risks. Our work over the next year will include embedding our recent introduction of liquidity reporting for insurers, taking forward our work on bank liquidity which aims to respond to the faster bank runs that were experienced (mainly in the US) in 2023, and steps to ensure that use of Funded Reinsurance structures by life insurers do not compromise policyholder protection or broader financial stability. Together with the FCA, we will also implement new requirements for reporting of operational incidents and third-party relationships, improving and standardising the approach.
“Alongside this, we will continue to implement and embed reforms that support a more streamlined and efficient regulatory framework, reducing unnecessary cost and complexity while maintaining resilience.”
