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- The PRA operates under a framework of two complementary objectives. The first objective is to promote the safety and soundness of the firms it supervises. This is primarily achieved by reducing the impact of firm failure on the U.K.’s financial system.
www.kiteworks.com/risk-compliance-glossary/risk-compliance-glossary-uk-prudential-regulation-authority/Everything You Need to Know About the Prudential Regulation ...
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How does the PRA promote safety and soundness?
What is a PRA & why is it important?
How does the PRA assess firms' operational resilience?
What is the PRA approach?
How often does the PRA assess and disclose regulated firms?
What is Prudential Regulation Authority (PRA)?
The PRA considers that there is a need for a proportionate minimum standard of operational resilience that incentivises firms and, where relevant, their groups to prepare for disruptions and to invest where needed. Disruptions can affect firms safety and soundness, undermine policyholder protection, and, in some cases, affect financial stability.
The PRA has two primary objectives: a general objective to promote the safety and soundness of firms; and an objective specific to insurance firms, to contribute to ensuring that policyholders are appropriately protected. This latter objective is discussed in the approach document for insurance.
The PRA was given two primary objectives: a general objective to promote the safety and soundness of the firms it regulates, focusing on the adverse effects that they can have on the stability of the UK financial system; and an objective specific to insurance firms, to contribute to ensuring that policyholders are appropriately protected.
These are high-level rules that collectively act as an expression of the PRA’s general objective to promote the safety and soundness of PRA-authorised firms. They apply proportionately to all PRA-regulated firms, taking into account the differences between sectors and between sizes of firms.
The PRA has two primary objectives: a general objective to promote the safety and soundness of the firms it regulates, focusing on the adverse effects that they can have on the stability of the UK financial system; and an objective specific to insurance firms, to contribute to securing an appropriate degree of protection for policyholders.
Mar 24, 2021 · The PRA has a single general objective of promoting the safety and soundness of the firms it regulates, through ensuring that firms’ business is carried on in a way which avoids any adverse...
The Prudential Regulation Authority (PRA)’s role is defined in terms of two statutory objectives to promote the safety and soundness of these firms and, specifically for insurers, to contribute to the securing of an appropriate degree of protection for policyholders.
