What is Rule Review?
The review of rules and supervisory statements (‘rule review’) post implementation is part of the PRA’s approach to policymaking. The PRA considers it to be an important aspect of being a responsive regulator, enabling it to keep pace with market changes, and to reconsider rules which are not operating as intended or which are no longer appropriate for the UK market. The review of rules can inform future policy development and improve existing policies. Rule reviews can also lead to major or minor changes to the PRA rules depending on the circumstances and evidence base.
The PRA approach to reviewing rules
The PRA’s statement on the review of rules sets out how the PRA approaches rule reviews. It describes:
- the framework for undertaking rule reviews;
- how stakeholders (including the PRA’s statutory panels) can engage with the PRA on rule reviews, and how the PRA considers their representations;
- how the PRA communicates its rule review work to the public; and
- how the PRA co-ordinates with other public bodies on rule reviews covering areas of shared responsibility.
Examples of recently published reviews since Royal Assent of FSMA 2023 on 29 June 2023 include:
- September 2023: Evaluation of the Written Auditor reporting policy
- January 2024: Review of ring-fencing rules
- December 2024: Solvency II – The PRA concluded the Solvency II review which resulted in PS 15/24, PS 10/24, PS 3/24, PS 2/24
- July 2025: Insurance Special Purpose Vehicles (ISPV) regime – the PRA published changes to the UK Insurance Special Purpose Vehicle (UK ISPV) regulatory framework (PS 9/25)
In addition to leading on PRA-specific rule reviews, the PRA has also contributed to reviews conducted by international bodies, such as the Basel Committee on Banking Supervision (BCBS), the International Association of Insurance Supervisors (IAIS) or the Financial Stability Board (FSB).
Ongoing reviews and future reviews
The PRA publishes information on ongoing reviews that help its stakeholders better understand the review work that it is undertaking. Reviews currently in progress include:
- Future Banking Data (FBD) – the Banking Data Review (BDR) and aspects of the Bank’s collaborative work with industry and the FCA on Transforming Data Collection (TDC) have evolved into the FBD project. Further information can be found in the Prudential Regulation Authority Business Plan 2025/26 as well as in CP 8/25 and CP 21/25.
- A strong and simple prudential framework for non-systemic banks and building societies – the PRA is conducting ongoing work following the publication of DP 1/21 and CP 7/24; details can be found on the PRA webpage ‘Strong and Simple’.
- November 2024: Remuneration Review – the PRA and FCA jointly consulted on reforms aimed at making the remuneration regime more effective, simple and proportionate (CP 16/24).
- March 2025: Deposit Protection Limit – the PRA has completed its first review since EU withdrawal under the Deposit Guarantee Scheme Regulations 2015 (CP 4/25).
- March 2025: Leverage Ratio – the PRA consulted on changes to the retail deposits threshold for application of the requirement (CP 2/25).
- April 2025: Climate-related risks – the PRA consulted on updating the Supervisory Statement 3/19 Enhancing banks’ and insurers’ approaches to managing climate-related risks (CP 10/25).
- May 2025: Pillar 2A review – the PRA consulted on updates to Pillar 2A methodologies and guidance (CP 12/25).
- July 2025: Resolution Assessment threshold and Recovery Plans review frequency (CP 14/25).
- Senior Manager and Certification Regime – the PRA is conducting ongoing work following the publication of DP1/23.
- Basel 3.1 standards – the PRA is in the process of implementing the Basel 3.1 standards in the UK. Basel 3.1 reforms the way deposit takers calculate capital requirements in the following risk areas:
- credit risk (standardised approach and internal ratings-based approach),
- credit risk mitigation,
- market risk,
- credit valuation adjustment,
- counterparty credit risk,
- operational risk, and
- reporting and disclosure requirements.
The following CPs and near-final PSs have been published: CP16/22, PS17/23, PS9/24, CP17/25.
- Review of the liquidity framework – the PRA is considering lessons learned from the events of March 2023 and the Bank’s transition to a repo-led operating framework for supplying reserve.
- Resolution assessment – the PRA is reviewing the threshold at which firms are required to carry out an assessment of their preparations for resolution, and to submit reports to the PRA and publish disclosures on a periodic basis.
Details of all current PRA consultations can be found on the PRA webpage ‘Open PRA consultations and other requests for your feedback’.
Who can engage with the PRA on rule review?
The PRA welcomes feedback from a broad range of stakeholders — including Parliament, HMT, civil society organisations, and market participants.
How can stakeholders engage with the PRA on rule review?
This website is primarily intended to support public accountability and transparency. Interested parties can share their insights, specific to any current rule, set of rules or supervisory statement, by emailing the PRA at rule_review@bankofengland.co.uk. Feedback provided should be supported by relevant and verifiable empirical evidence, where possible. Any underlying assumptions should be clearly set out. However, any feedback on live PRA consultations should be sent to dedicated email inboxes set out in the consultation papers rather than to this rule review email inbox.
Moreover, stakeholders can use a range of other channels to engage with the PRA to make representations on the need to review a certain rule or a set of rules as well as feedback in relation to the review of a specific rule or a set of rules:
- they can respond to public consultations and discussion papers on specific topics;
- PRA-regulated firms can engage via their supervisors;
- the PRA’s statutory panels can make representations to the PRA via arrangements agreed with the PRA; and
- firms can engage with the PRA via bilateral meetings, industry roundtables and/or trade-bodies representing their interests.