Prudential Regulation Authority Business Plan 2022

Outcomes we want to achieveExamples of how we will measure progressSlow the growth in investment fraud victims and losses. Recognise and reduce harmIdentify harm and act to mitigate it proactively and quickly by using Data Dashboards to identify emerging issues. A low and stable proportion of firms with adverse CASS audits indicates that firms generally hold client assets and funds appropriately. An adverse report is one where the auditor has identified a problem . Support competition and innovationLevel the playing field for firms that follow the rules by removing those that consistently show they are unable or unwilling to do so.

Understanding where you will house your inventory and how you’ll ship it is a big part of your logistics and operations plan. CHUTTERSNAPviaUnsplashLogistics and operations are the workflows you’ll implement to make your ideas a reality. If you’re writing a business plan for your own planning purposes, this is still an important section to consider, even though you might not need to include the same level of detail as if you were seeking investment. If you sell many items, you can include more general information on each of your product lines; if you only sell a few, provide additional information on each. For example, bag shop BAGGU sells a large selection of different types of bags, in addition to home goods and other accessories.

We need to use our resources efficiently and effectively to deliver across our commitments. Promoting competition and positive change – we want to use competition as a force for better consumer and market outcomes. We will support UK growth and innovation that serves our society, underpinned by widely recognised and respected high standards. Reducing and preventing serious harm– our focus is on protecting consumers from the harm that authorised firms can cause, including tackling fraud and poor treatment. This tutorial will talk you through some of the important business planning tasks you should look at to help ensure your new business is set up to succeed. To help you through each step of the plan, our business plan template is designed to guide you on the correct process at every stage, with plenty of advice on how best to complete each section.

We will continue to monitor emerging issues and adapt our plans where necessary. During the pandemic, we proved we could think and do things differently and at speed, and two years on, we’re much better prepared to do it again. By focusing more on end outcomes, and working across sectors and markets, we are better able to respond to new issues and macroeconomic challenges. Our new, more adaptive approach to allocating resources and monitoring our performance will make us more agile and help us respond more quickly to market needs. We are publishing this when the external environment is changing rapidly. Low levels of financial resilience and rising costs mean many people are at risk of serious financial problems.

This section is all about how you are planning to attract customers. You might include information about where you’ll distribute your products, what your branding and logo will be and what pricing you’ll apply. Additionally, you will need to demonstrate how you will spread the word about your product/services in order to generate demand, such as using social media, exhibiting at a trade conference or investing in online advertising.

In March 2022 we published a statement reminding authorised firms of their existing obligations where they are interacting with or exposed to cryptoasset services. Firms remain responsible for assessing the risks to their business and consumers. We will continue to assess that firms are adequately taking account of cryptoasset risks and making it clear to consumers when they are interacting with unregulated services.

We have built analytical tools to provide key indicators about firms to help identify risks – such as phoenixing – right at the Gateway, which we can then address via frontline teams or through automated interventions. Our new cloud-based data infrastructure allows us to work with data at scale and speed. We can engineer, connect, and blend data to create new insights to help us monitor how markets and firms are functioning in line with our market integrity objective. We have explored the use of synthetic data sets to test financial crime controls.