FIN.

PRA reports on positive iNED meetings

PRA has written a letter to iNEDs, who participated in its pilot programme of virtual meetings. The meetings discussed current challenges, and PRA was pleased that, in principle:

  • iNEDs thought firms had reacted well to the challenges of Covid, in terms both of operational resilience and in terms of continued appropriate senior level recruitment;
  • insurers were hopeful that the post-Brexit Solvency II review would be good for firms;
  • PRA’s approach to global climate related financial risk was well received; and
  • iNEDs found PRA’s communications helpful and that staff had been available when needed

Among the concerns and challenges raised were:

  • operational controls, which are hard to police remotely, and hard to put in place large scale technological projects while staff are working remotely;
  • lack of contact with firm senior management outside formal meetings;
  • motivation and control over staff and practices, the longer remote working continues; and
  • turnover in PRA supervisory teams.

 

Emma Radmore