20 October 2020: We published CP17/20 ‘Capital Requirements Directive V (CRD V): Further implementation’. This CP is relevant to banks, building societies, PRA-designated investment firms, UK financial holding companies, and UK mixed financial holding companies of certain PRA-authorised firms. Responses are requested by Tuesday 17 November 2020. Please note that this is a shortened consultation period, which is necessary to meet the transposition date for CRD V (Monday 28 December 2020).
12 October 2020: We published a letter from Sam Woods to ask firms to provide information on what operational preparations they would need to make in the event that the Bank’s Monetary Policy Committee considers a zero or negative policy rate. The deadline for responses is Thursday 12 November 2020.
9 October 2020: We published a letter to all PRA-regulated firms ‘Letter from the PRA and FCA ‘Final preparations for the end of the transition period’ to help ensure that firms, and their clients, are ready for a range of scenarios at the end of the transition period.
9 October 2020: We published PS21/20 ‘Extending policyholder protection for building guarantee policies’, which contains a rule change to extend policyholder protection for holders of building guarantee policies, amending the Policyholder Protection Part of the PRA Rulebook.
The rule change takes effect on Thursday 8 October 2020.
6 October 2020: We published CP15/20 ‘Market risk: Calculation of risks not in value at risk, and stressed value at risk’. This CP is relevant to all firms to which Capital Requirements Directive IV applies. This consultation closes on Friday 6 November 2020.
24 September 2020: We note the recent statement made by UK Government and Devolved Administrations on Covid-19 on Tuesday 22 September 2020. Firms should continue to follow Government advice on working from home until notified otherwise.
The financial services industry has continued to operate during the coronavirus outbreak with homeworking and some workers operating in locations such as branches and call centres.
We have previously published advice on the steps financial firms should take ‘Statement by the PRA on key financial workers who are critical to the Covid-19 response’ – this has been updated today to reflect recent developments.
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.