Our response to coronavirus (Covid-19): regulatory measures for PRA firms

We are putting in place measures to support firms regulated by the Prudential Regulation Authority (PRA) during this difficult time.

We have taken a number of actions to help PRA-regulated firms deal with Covid-19. These regulatory actions are designed to maintain financial stability, ensure the safety and soundness of firms and make sure policyholders are protected.

We are working closely with regulated firms, the Financial Conduct Authority, HM Treasury, the Government and other financial regulators to co-ordinate our response in the most effective way.

Firms can find details of our regulatory response to support them below.

Details of any further regulatory actions to support firms will be published on this page.

Latest news and updates

15 December 2020: We announced a delay to the proposed effective date for policy resulting from Consultation Paper (CP) 11/20 ‘Solvency II: The PRA’s expectations for the work of external auditors on the matching adjustment’. Please see the CP page for further details.  

7 December 2020: We published a statement announcing our decision to maintain firms’ Systemic Risk Buffer rates at the rate set in December 2019 for a further year until December 2022, with no rate changes taking effect until January 2024.

9 November 2020: We published an updated statement on Covid guidance to replace previous guidance for PRA-regulated firms ‘Statement by the PRA on key financial workers who are critical to the Covid-19 response’, in light of updates from UK Government.

28 October 2020: We published CP19/20 ‘Resolution assessments: Amendments to reporting and disclosure dates’. These proposals in this CP are made in light of the PRA’s decision to alleviate operational burdens on firms due to the impact of Covid-19, and to ensure firms’ senior management are able to engage fully in the Resolvability Assessment Framework (RAF) report submission (reports) and disclosure (public disclosures) process.

The CP is relevant to UK banks and building societies with £50 billion or more in retail deposits on an individual or consolidated basis, as at the date of their most recent annual accounts. Responses are requested by Sunday 31 January 2021.

7 October 2020: We sent a letter to all PRA-regulated credit unions notify them of our decision to publish a model direction modifying a PRA rule on minimum provisioning requirements, which is available on the Waivers and modification of rules page

Latest PRA publications

This page was last updated 15 December 2020

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