Survey results 2023
Results of the firm feedback survey 2023
Each year we seek input from a sample of firms on the effectiveness and quality of our supervisory framework and approach. One of the ways we do this is through the annual firm feedback survey. This process is overseen by a team independent of Supervision. We conducted the survey from September to October 2023.
We value firms’ participation in the survey. As the regulatory landscape evolves, we seek to understand what firms think works well and what we might do differently. Through the survey PRA-authorised firms provided feedback on a range of topics, including:
- our understanding of firms;
- the firms’ understanding of our regulatory objectives and expectations;
- the effectiveness of our relationship with firms;
- our co-ordination with other regulators and data requests; and
- the clarity and accessibility of prudential policy, rules, and requirements.
We invite firms to make additional comments in these areas and to address topical questions, which in the 2023 survey covered firms’ interactions with the PRA through the Senior Managers and Certification Regime application process and the clarity of operational resilience policy.
Which firms were included in the 2023 survey?
As in previous years, we sent a standardised survey to a sample of firms, which covers all types of firms that the PRA supervises. As part of the 2023 survey, we also held meetings with a cross-section of firms to discuss their views in more detail.
How are the survey results used?
We analyse firms’ responses to identify areas where we could improve how we supervise firms and good practices we should maintain and apply more broadly where appropriate. This analysis is reported to senior management and is shared with the PRA’s Practitioner Panels. We also follow up on the points raised by firms, including with the relevant supervisory directorate, being mindful of any confidentiality and sensitivity issues.
Main messages from the 2023 survey and our response
This year’s scores were marginally higher than those received in 2022 and indicate, overall, that firms continue to hold positive views about the PRA. Firms provided the most positive scores in regard to their understanding of the PRA’s statutory objectives and expectations and the effectiveness of their relationship with the PRA. The PRA’s approach to operational resilience policy was welcomed, as were better regulatory communications, particularly around supervisory expectations.
Scores relating to firms’ views on the PRA’s coordination with other regulatory bodies – though remaining relatively lower than the scores of other themes surveyed –were higher than in 2022. In particular, firms commented on the improvement in coordination with the FCA on the Senior Manager and Certifications Regime and other application processes.
Two emergent themes were identified from the survey:
- Firms reported finding the PRA Rulebook increasingly difficult to navigate. The new PRA Rulebook was subsequently launched in April 2024; it has been designed to be more engaging and informative for users, with better accessibility and improved functionality. The new PRA Rulebook website contains further details.
- Firms expressed a desire for greater scope to engage with the PRA at an early stage on policy formulation. Stakeholder engagement is increasingly important in light of the PRA’s broader rulemaking responsibilities. Input from stakeholders supports more informed policymaking, and also enables the PRA to account more effectively for UK circumstances as it develops policy. The PRA engages regularly with industry, including through the Practitioner Panel, the Insurance Practitioner Panel and the recently established Cost Benefit Analysis Panel. CP27/23 – The PRA’s Approach to Policy sets out how we propose to engage our stakeholders through the policy cycle.
When should firms expect to receive the 2024 survey?
The sample of firms selected to participate in the 2024 survey can expect to receive a notification in Q3 2024.
The set of questions for the 2024 survey will remain similar to those included in the 2023 survey, with the exception of the topical questions which change each year.