Our latest EU withdrawal updates
22 September 2020: Jointly with the Bank of England, we published Consultation Paper 13/20 ‘UK withdrawal from the EU: Changes before the end of the transition period’. Responses are requested by Tuesday 17 November 2020.
We have also published a report on the Bank’s and PRA’s use of sub-delegated powers under the EU (Withdrawal) Act 2018. HM Treasury laid this report in Parliament on 17 September. The Bank and PRA must submit this report to Parliament annually if they exercise the relevant sub-delegated powers. This covers the financial year ending 29 February 2020.
18 September 2020: Jointly with the Bank of England, Financial Conduct Authority, Competition & Markets Authority, Payment Systems Regulator, Information Commissioner’s Office, Pensions Regulator, and HM Treasury (as observer member), we published an updated version of the Regulatory Initiatives Forum’s grid – a consolidated plan of initiatives that the authorities consider will, or may, have significant operational impact on firms across the next 24 months.
2 September 2020: It is important that firms are operationally prepared to enter the Temporary Permissions Regime (TPR) and are able to meet the PRA’s regulatory requirements that will apply to firms once they are in the TPR. To support firms, on Wednesday 2 September, we published a letter to all PRA-regulated firms ‘Letter from Sam Woods ‘Temporary Permissions Regime – Operational readiness’, alongside this we also published the ‘Operational readiness for the Temporary Permissions regime’ webpage which summarises the PRA’s approach to the TPR and highlights the key requirements for firms.
30 June 2020: We published Consultation Paper (CP) 5/20 ‘Solvency II technical information: The PRA’s proposed approach to the publication at the end of the transition period’ alongside a draft Statement of Policy on the same topic.
7 May 2020: Jointly with the Bank of England, Financial Conduct Authority, Competition & Markets Authority, Payment Systems Regulator and HM Treasury (as observer member), we published the Regulatory Initiatives Forum’s first grid – a consolidated plan of initiatives that the authorities consider will, or may, have significant operational impact on firms across the next 12 months.
30 April 2020: Joint with the Bank we published a ‘Joint Bank and PRA statement on the proposed use of temporary transitional powers at the end of the transition period’, which relates to HM Treasury’s publication of their intention to ‘shift’ the temporary transitional power.
10 March 2020: We published a speech from Vicky Saporta, Executive Director of Prudential Policy, at the International Business and Diplomatic Exchange 2020 Annual Conference on 'The ideal post-EU regulatory framework'.
28 February 2020: We published a letter on ‘Outstanding EU liabilities following the UK’s withdrawal from the European Union’ from Anna Sweeney, Executive Director of Insurance Supervision, to relevant PRA-regulated insurance firms.