Plan to consult on the framework to facilitate the issuance of Insurance Linked Securities through ISPVs in the UK to take account of our experience of the new regime (see page 14 of the PRA Business Plan 2019/20).
Conduct a climate stress test for financial institutions in 2021, to help mainstream climate risk management. To facilitate scenario design, the Bank will publish a discussion paper in the autumn of 2019 and work with industry and other authorities through the Climate Financial Risk Forum and the Network for Greening the Financial System (see page 3 of New economy, new finance, new Bank).
Plan to consult on proposals to establish operational resilience in our prudential framework by end-2020 (see page 12 of the PRA Business Plan 2019/20).
Publish a supervisory statement in 2019, describing the PRA’s modernised policy framework on outsourcing arrangements, including a focus on cloud technology and setting out conditions that can help give firms assurance on its use (see page 3 of New economy, new finance, new Bank).
Plan to consult on a supervisory statement on the expectations of firms’ implementation of the Prudent Person Principle in Solvency II (see page 11 of the PRA Business Plan 2019/20).
Launch a review in consultation with banks, insurers and financial market infrastructures to explore a transformation of the hosting and use of regulatory data over the next decade. The review will seek ways to decrease the burden on industry and to increase the timeliness and effectiveness of data in supporting supervisory judgements (see page 3 of New economy, new finance, new Bank).
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