PRA has updated its “approach” documents in relation to banking and insurance supervision. Key changes to the previous versions include:
- an update on the changes to supervisory approach following implementation of the SMR and SIMR (and, in the case of insurers, looking forward to the SIMR changing to the SMCR at the end of the year);
- how PRA will police the retail banking ring-fence;
- increased focus on operational resilience in the face of increased use of digital systems and platforms and the risk of cyber-attacks; and
- supervisory work related to Brexit.