Top news and publications
- Climate Biennial Exploratory Scenario (BES) Briefing
- PS7/22 – Responses to Occasional Consultation Paper – March 2022
News and speeches
Climate Biennial Exploratory Scenario (BES) Briefing
29 June 2022
The Bank of England published the Climate Biennial Exploratory Scenario (BES) results on 24 May 2022 (Climate BES results). The objective of the Climate BES is to explore the financial risks posed by climate change for the largest UK banks and insurers. This virtual event for non-participant banks and insurers covers the key findings from the Climate BES.
Climate Biennial Exploratory Scenario (BES) Briefing
Climate Financial Risk Forum (CFRF) Session 3 – minutes 12 July 2022
18 August 2022
The Financial Conduct Authority and Prudential Regulation Authority hosted the second meeting of the CFRF’s third session on 12 July 2022.
Climate Financial Risk Forum (CFRF) Session 3 – minutes 12 July 2022
Cross cutting publications and updates
PS7/22 Responses to Occasional Consultation Paper – March 2022
8 August 2022
This PRA Policy Statement (PS) provides the final policy following Consultation Paper (CP) 3/22 ‘Occasional Consultation Paper’. In the form of:
- final rules;
- amended UK Technical Standards (UKTS);
- updated Supervisory Statements (SS);
- updated Statement of Policy;
- updated template and instruction file; and
- deletion of Legacy Supervisory Statements (LSS) and SS3/13, SS4/15, and SS29/15.
This PS is relevant to different firms, in accordance with the CP chapters, as follows:
- Chapter 2 – all UK Solvency II firms, including the Society of Lloyd’s and its managing agents, hereafter referred to as ‘UK insurers’.
- Chapter 3 – Capital Requirements Regulation (CRR) firms and CRR consolidation entities on an individual, consolidated, and where relevant, sub-consolidated basis (CRR consolidation entities). For the purposes of the application of the requirements on a consolidated basis, references to ‘firms’ include CRR consolidation entities.
- Chapter 4 (a) – banks, building societies, and PRA-designated investment firms.
- Chapter 4 (b) – Capital Requirements Regulation (CRR) firms and CRR consolidation entities. For the purposes of the application of the requirements on a consolidated basis, references to ‘firms’ include CRR consolidation entities.
- Chapter 4 (c) – banks, building societies, and PRA-designated investment firms.
- Chapter 5 – Capital Requirements Regulation (CRR) firms, CRR consolidation entities, and UK insurers.
- Chapter 6 – banks, building societies, and PRA-designated investment firms.
- Chapter 7 – banks, building societies, and PRA-designated investment firms.
- Chapter 8 - Capital Requirements Regulation (CRR) firms and CRR consolidation entities. For the purposes of the application of the requirements on a consolidated basis, references to ‘firms’ include CRR consolidation entities.
PS7/22 - Responses to Occasional Consultation Paper – March 2022
PRA statement on Short Term Repo (STR) facility
4 August 2022
This statement sets out the PRA’s approach to the Bank of England’s Short Term Repo facility.
Insurance publications and updates
Regulatory reporting - insurance sector
25 August 2022
As per CP11/21 and PS29/21, the PRA has implemented EIOPA Taxonomy 2.6 for firms to use from 31 December 2021. Firms should be using this taxonomy to meet the reporting requirements set out in PS29/21.
As the review of the Solvency II framework is currently underway, any future updates to the reporting taxonomy will follow any future changes to the PRA reporting requirements, which are subject to the PRA’s normal consultation process as required by FSMA. Therefore, firms should not implement EIOPA’s Taxonomy 2.7 or any subsequent publications.
The PRA will consider implementation lead times, including the taxonomy, with a view to giving firms enough time to plan for and implement any additional proposals for the next phase of the review. The PRA cannot comment on the likely frequency of future taxonomy releases at this stage.
More information
Bank Underground – a blog for Bank of England staff to share views that challenge – or support – prevailing policy orthodoxies. The views expressed here are those of the authors, and are not necessarily those of the Bank of England or its policy committees.
Bank Overground – the purpose of Bank Overground is to share our internal analysis. Each bite-size post summarises a pieces of analysis that support a policy or operational decision.
Explainers – from Interest rates and inflation through to bank failures and financial crises, Explainers use everyday examples and engaging visuals to bring economics to life.
European and International developments – readers are referred to the following websites: