Top news and publications
- Bank of England report on climate-related risks and the regulatory capital frameworks
- Thematic findings from the 2022 cyber stress test
- Policy Statement 3/23 – Financial Services Compensation Scheme – Management Expenses Levy Limit 2023/24
News and speeches
It’s not the plane, it’s the pilot - speech by Shoib Khan
27 March 2023
Shoib Khan discusses the unique combination of risks currently facing the UK’s insurance sector. He explains that insurers share an important responsibility in looking beyond the mechanics of their models and should:
- know when models are not correctly reflecting prevailing conditions;
- be confident that management actions will be available if needed during times of stress; and
- ensure that firms can achieve a safe and orderly exit.
Cross cutting publications and updates
PS3/23 – Financial Services Compensation Scheme – Management Expenses Levy Limit 2023/24
31 March 2023
This PS provides the PRA’s final policy following CP 1/23 – Financial Services Compensation Scheme – Management Expenses Levy Limit 2023/24 in the form of the PRA’s final rules for the Financial Services Compensation Scheme (FSCS) Management Expenses Levy Limit (MELL) for 2023/24.
PS3/23 – Financial Services Compensation Scheme – Management Expenses Levy Limit 2023/24
DP1/23 – Review of the Senior Managers and Certification Regime (SM&CR)
30 March 2023
In December 2022, the government announced, as part of the Edinburgh Reforms, that HMT, the FCA, and the PRA would commence reviews on the Senior Managers and Certification Regime (SM&CR) in the first quarter of 2023. Following this, the FCA and PRA (‛the regulators’) are publishing this joint DP to seek views from regulated financial services firms, consumers, and other stakeholders on the effectiveness, scope, and proportionality of the regime. HMT is separately launching a Call for Evidence (CfE) to look at the legislative framework of the regime.
DP1/23 – Review of the Senior Managers and Certification Regime (SM&CR)
Thematic findings from the 2022 cyber stress test
29 March 2023
Letter from the Bank and PRA to PRA-regulated firms and FMIs outlining the thematic findings from the 2022 Cyber Stress Test.
Thematic findings from the 2022 cyber stress test
Bank of England report on climate-related risks and the regulatory capital frameworks
13 March 2023
This report sets out the Bank's latest thinking on climate-related risks and regulatory capital frameworks. The report includes updates on:
- capability and regime gaps;
- capitalisation timelines; and
- areas for future research and analysis.
Bank of England report on climate-related risks and the regulatory capital frameworks
Banking publications and updates
PS2/23 – Depositor Protection
31 March 2023
This PS provides feedback to part of the responses to the CP 9/22 – Depositor Protection. It also contains the PRA’s final rules concerning the relevant amendments to the Depositor Protection Part of the PRA Rulebook.
This PS is relevant to e-money institutions, authorised payment institutions, small payment institutions, credit unions (in respect of e-money), and PRA-authorised credit institutions.
CP6/23 - The non-performing exposures capital deduction
14 March 2023
This CP sets out the PRA’S proposal to remove the Common Equity Tier 1 (CET1) deduction requirement in the PRA Rulebook, regarding non-performing exposures (NPE) that are treated as insufficiently covered by firms’ accounting provisions.
The proposals in this CP would result in changes to the Own Funds and Eligible Liabilities (CRR) Part of the PRA Rulebook and the Reporting (CRR) Part of the PRA Rulebook.
The policy proposals included in this CP would:
- remove the CET1 deduction requirement for non-performing exposures (‘NPE deduction’) that are treated as insufficiently provided for by firms; and
- remove the associated reporting requirements for the NPE deduction.
CP6/23 - The non-performing exposures capital deduction
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 piece of analysis that support a policy or operational decision.
Explainers – from Interest rates and inflation through to bank failures and financial crises, Explainers uses everyday examples and engaging visuals to bring economics to life.
European and International developments – readers are referred to the following websites: