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Home > Prudential Regulation Authority > Waivers and modifications: what should an application include?

Waivers and modifications: what should an application include?

Waivers and modifications of rules | Waivers and modifications: what should an application include? | Waivers and modifications by consent

The PRA finds it helpful for firms to provide the following information as part of an application for a waiver/modification:
  • a list of all the entities which require the waiver/modification, including any FCA solo regulated firms;
  • details of the PRA rules that the application is seeking to waive/modify;
  • details of the applicable precedent waiver/modification Directions found on the Financial Services Register;
  • detailed information about the rationale for the waiver/modification;
  • detailed responses with respect to the s138A statutory tests in FSMA;
  • confirmation that the firm is content for the waiver/modification to be published on the Financial Services Register if approved, and if not, an explanation of why it would be inappropriate to do so, addressing the requirements set out in s138B of FSMA; and
  • important timelines.

Common waiver applications

For certain types of applications, the PRA has set out the format and content of the supporting documentation it expects to receive. The following notes are to assist firms on common applications and issues that arise when providing information to support their application. However, these are not intended to be exhaustive nor a guarantee that an application will be approved.
Firms seeking any of the waivers listed below should complete the PRA’s standard waiver application form, available at the bottom of the page under Key Resources, and, where required, the supplementary information form specific to their application.
Applications should be submitted to  
Supplementary information and forms
Entities excluded from the scope of group supervision (Group Supervision 2.2)
Group choice of SCR calculation method (Group Supervision 7.1)
​Group SCR or other measures for non-equivalent groups (Group Supervision 20.1 - 20.4)
Non-disclosure of information in solvency and financial condition report (Reporting 3.2)
Quarterly reporting exemption (Reporting 2.2(1) and Group Supervision 17.3)
​Single group own risk and solvency assessment report (Group Supervision 17.2)
​Single group solvency and financial condition report (Group Supervision 18.1)
Financial Conglomerate waivers (Financial Conglomerates 2.1)


Key Resources

Standard waiver application form - required for all waiver applications.