31 July 2019
In his speech, Miles Bake sets out the PRA's approach to enforcement. He explains how we use our enforcement powers and gives examples of when we have used them against firms and individuals in the past.
25 July 2019
In her speech, Sarah Breeden, talks about creating an inclusive and diverse workplace for all.
25 July 2019
On Thursday 18 April 2019 the Bank and PRA published their amendments to financial services legislation under The European Union (Withdrawal) Act 2018 (the Act). This included final EU Exit Instruments covering Nationalising the Acquis’ changes to PRA and FMI rules and Binding Technical Standards in the Bank’s and PRA’s remits. These EU Exit Instruments have, with limited exceptions, an effective date of ‘exit day’ as defined in the Act.
In light of the extension of the Article 50 period announced on Wednesday 10 April 2019, and the consequent change of ‘exit day’ in the Act to Thursday 31 October 2019 at 11pm, some minor amendments are needed to the Bank’s and PRA’s EU Exit Instruments. There are also additional provisions in EU law that apply before Thursday 31 October 2019. These provisions will now meet the definition of retained EU law and require amending.
This CP is relevant to all firms authorised and regulated by the PRA, including those that expect to have a deemed permission under the ‘temporary permissions regime’ (TPR) or Financial Services Contracts Regime (FSCR), or that seek to apply for PRA authorisation in the future. It is also relevant to FMIs recognised and supervised by the Bank, including those that expect to have a deemed recognition under the ‘temporary recognition regime’ (TRR).
This consultation closes on Wednesday 18 September 2019.
18 July 2019
The PRA and the Financial Conduct Authority (FCA) published an updated Memorandum of Understanding (MoU) between the FCA and Bank of England (Bank) (exercising its prudential regulation functions).
The MoU, initially published in April 2013, sets out the high-level framework the PRA and the FCA use to co-ordinate and co-operate in carrying out their respective responsibilities. It was updated to reflect the expansion of the regulators’ remit, and organisational changes since the MoU was first signed in 2013. As part of this update, the title of the MoU was also changed to reflect the PRA becoming fully integrated into the Bank, following its de-subsidiarisation from the Bank in March 2017.
2 July 2019
This joint statement from the PRA, FCA, Financial Reporting Council, and The Pension Regulator, supports the launch of the Government’s Green Finance Strategy.
For information on strengthening accountability visit the Strengthening accountability webpage.
30 July 2019
This PS provides feedback to responses to the PRA’s CP31/18 ‘Resolution assessment and public disclosure by firms’. CP31/18 was published as part of a joint package of proposals on the Resolvability Assessment Framework (RAF), together with the Bank of England’s (Bank) consultation on ‘The Bank of England’s approach to assessing resolvability’.
This PS also contains the PRA’s final policy:
This PS is relevant to UK banks and building societies with retail deposits equal to or greater than £50 billion on an individual or consolidated basis, as at the date of their most recent annual accounts (‘in-scope firms’).
Please note: PS15/19 was published as part of the ‘Bank of England and Prudential Regulation Authority finalise the Resolvability Assessment Framework’.
23 July 2019
This PS provides feedback to responses to CP1/19 ‘Credit risk mitigation: Eligibility of financial collateral’. It contains the updated SS17/13 ‘Credit risk mitigation’.
This PS is relevant to UK banks, building societies and PRA-designated UK investment firms that are subject to the Capital Requirements Regulation (575/2013) (CRR). It is not relevant to UK branches of firms in other European Economic Area (EEA) countries and non-EEA countries, or to insurance firms.
23 July 2019
This CP sets out the PRA’s proposed changes to SS12/13 ‘Counterparty Credit Risk’ to clarify expectations regarding the treatment of model limitations and assumptions under Part Three, Title II, Chapter 6 (counterparty credit risk) of the Capital Requirements Regulation (575/2013) (CRD).
The CP is relevant to all firms to which CRD IV applies.
This consultation closes on Friday 25 October 2019.
16 July 2019
In this CP, the PRA sets out its proposal to apply a tighter limit for large exposures to certain French non-financial corporations, to reciprocate the same measure imposed by France. The proposal would be effected through amendments to the Large Exposures Part of the PRA Rulebook (see Appendix 1).
The proposed measure applies on a consolidated basis to firms identified by the PRA as global systemically important institutions (G-SIIs) and other systemically important institutions (O-SIIs), under the Capital Requirements Directive (2013/36/EU) (CRD) as implemented in the Capital Requirements (Capital Buffers and Macro-prudential measures) Regulations 2014. This CP is therefore relevant to such firms and their subsidiaries.
This consultation closes on Friday 6 September 2019.
16 July 2019
The PRA published a public working draft (PWD) of version 3.2.0 of the Bank of England Banking XBRL taxonomy to support collection of PRA110 reporting, alongside related technical artefacts. The taxonomy, data point model (DPM) dictionary, annotated templates and validation rules represent the requirements for Pillar 2 liquidity PRA110 reporting. The PRA aims to publish the updated Banking XBRL taxonomy by the end of September 2019. See the Taxonomy section of the Regulatory reporting – banks, building societies and investment firms page for more information.
16 July 2019
Firms are reminded of the 1 July implementation of PRA110 and the dual reporting period with FSA047 and FSA048 has now started. GABRIEL schedules have been updated to reflect this and the FSA047 and FSA048 schedules will be brought in line with the new PRA110 schedules. For the full update see the ‘Reporting of PRA110’ section on the Regulatory reporting – banks, building societies and investment firms page.
9 July 2019
Melanie Beaman, Director of UK Deposit Takers Supervision hosted a conference for the Chairs of the Non-Systemic UK Banks and Building Societies on Tuesday 2 July 2019.
For further information on CRD IV visit the CRD IV updates page.
For new banks, please see the New Banks Start-up Unit page.
For information on banking regulatory returns and how to report them, visit the Regulatory reporting – banking sector page.
For details of forms used to collect data through the online statistical data application (OSCA), visit the Forms, definitions, and validation page.
22 July 2019
The PRA updated the Insurance special purpose vehicles (ISPV) page to include updated application forms, accompanying notes, and a new set of FAQs, available on the webpage.
22 July 2019
In this CP, the PRA sets out its proposed approach to the determination of the availability of subordinated liabilities and preference shares in group own funds, and its expectations of firms in presenting relevant analysis to the PRA. The Appendix sets out proposed amendments to SS9/15 ‘Solvency II: Group supervision’ to reflect the proposed approach.
This CP is relevant to all insurance firms within the scope of group supervision under the Solvency II Directive and to the Society of Lloyd’s.
This consultation closes on Monday 21 October 2019.
17 July 2019
The PRA published a PWD of version 1.1.0 of the Bank of England Insurance XBRL taxonomy to support collection of the proposed changes to National Specific Templates, internal model output, market risk sensitivities and standard formula reporting, alongside related technical artefacts. The taxonomy, data point model (DPM) dictionary, annotated templates and validation rules represent the requirements for Solvency II as set out in CP13/19 ‘Occasional Consultation Paper’. The PRA invites feedback, particularly from firms and software vendors, on the PWD of the taxonomy and DPM artefacts by Wednesday 7 August 2019. The PRA aims to publish the updated Insurance XBRL taxonomy by the end of October 2019. See the Regulatory reporting – insurance sector page for more information.
16 July 2019
The FCA announced a new platform to improve the way data is collected from firms, which will include replacing Gabriel. See the FCA’s website for more information on upcoming work on this platform, including a survey for users of Gabriel to help the FCA shape their thinking.
12 July 2019
This letter provides clarification on the PRA’s expectations of firms and Remuneration Committee Chairs in their implementation of the Solvency II Delegated Regulation remuneration requirements. The PRA considers remuneration as an important factor that defines incentives within the firms that it regulates. Firms’ remuneration policies and practices drive underwriting decisions, individuals’ behaviour, and organisational culture. This letter follows the PRA’s analysis of implementation by firms to date, and highlights areas where firms have fed back that they would like further guidance.
For further information on Solvency II visit the Solvency II updates page.
For further information for non-Directive firms visit the non-Directive firms page.
For information on insurance regulatory returns and how to report them, visit the Regulatory reporting – insurance sector page.
Closing date: 7 August 2019
Closing date: 7 August 2019
Closing date: 21 August 2019
To view all open consultations as at 1 August 2019 please see Your input and views on open PRA consultations and other requests.
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