United Kingdom's Prudential Regulation Authority (PRA) has published the results of its 2024 Firm Feedback Exercise, which gathers PRA-authorised firms’ views on the effectiveness and quality of PRA supervision via a survey and follow-up meetings run independently of supervision teams. Average scores increased versus 2023 across most topics, with the most positive feedback on the effectiveness of firms’ relationships with the PRA, while scores on the regulatory framework, rules and policy were lower than other themes. The survey was sent to 436 PRA-regulated firms or groups (up from 185 in 2023) and received 303 responses, covering topics including the PRA’s understanding of firms, firms’ understanding of PRA objectives and expectations, supervisory challenge, coordination with other regulators and data requests, clarity and accessibility of prudential policy, and the secondary competitiveness and growth objective (new in 2024). Comments highlighted concerns among some larger firms about the complexity and duration of specialist engagements such as model approvals, calls for more coordinated policy development with the Financial Conduct Authority (FCA) and international regulators, and requests for greater transparency on supervisory work plans, engagement with other regulators and rationales for data requests. Smaller firms emphasised proportionality and more targeted supervisory activity, and some firms flagged the impact of changes in supervision team composition. Looking ahead, the PRA plans to send the 2025 survey in August 2025, with questions broadly similar to 2024 and a small number of topical questions that change each year.

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