Top news and publications
- PS22/25 – Leverage Ratio: Changes to the retail deposits threshold for application of the requirement
- PS23/25 – Margin requirements for non-centrally cleared derivatives: Amendments to BTS 2016/2251
- PS24/25 – Depositor protection
- CP23/25 – Regulatory fees and levies: policy proposals for 2026/27 – Joint PRA and FCA consultation
- DP2/25 – Alternative Life Capital: Supporting innovation in the life insurance sector
News and speeches
UK Berne Financial Services Agreement (BFSA) Guidelines
03 November 2025
These guidelines are intended to assist firms that are considering providing services under the Agreement by clarifying expectations, outlining operational considerations, and helping ensure compliance with relevant regulatory standards.
Banking publications and updates
PS22/25 – Leverage Ratio: Changes to the retail deposits threshold for application of the requirement
12 November 2025
This Prudential Regulation Authority (PRA) policy statement (PS) provides feedback to responses the PRA received to consultation paper (CP) 2/25 – Leverage Ratio: changes to the retail deposits threshold for application of the requirement. This PS also contains the PRA’s final policy in relation to the retail deposits threshold for application of the leverage ratio requirement, which increases the threshold from £50 billion to £75 billion and introduces a three-year averaging mechanism for the calculation of firms’ retail deposits. The final policy and rules are set out in the appendices to this PS.
Update on Step-in Risk
From Thursday 01 January 2026, the PRA will begin collecting the PRA115 Step-In Risk template via the Bank of England Electronic Data Submission (BEEDS) portal as expressed in PS5/25 – Identification and management of step-in risk. This template will be collected in XBRL format and available to download from the Banks, building societies and investment firms webpage (see ‘Version 3.7.0 Bank of England Banking XBRL taxonomy’).
PS24/25 – Depositor protection
18 November 2025
This PS provides feedback to responses the PRA received to consultation paper (CP) 9/25 – Markets in Financial Instruments Directive Organisational Regulation (MiFID Org Reg). It also contains the PRA’s final policy. This is a restatement of existing organisational requirements for firms contained in MiFID Org Reg into the PRA Rulebook, with no material changes.
The PRA holds model risk management roundtable on artificial intelligence and machine learning technologies
24 November 2025
The PRA held two CRO roundtable sessions on 20 and 22 October with 21 PRA-regulated firms to discuss the adoption of artificial intelligence and machine learning technologies (AI and ML) in the context of implementing the principles set out in SS1/23 – Model risk management principles for banks as supervisory expectation. The PRA presented thoughts on specific topics for AI and ML and held a discussion with firms.
PS23/25 – Margin requirements for non-centrally cleared derivatives: Amendments to BTS 2016/2251
27 November 2025
This PRA and Financial Conduct Authority (FCA) PS provides feedback to responses the PRA and the FCA received to CP5/25 – Margin requirements for non-centrally cleared derivatives: Amendments to BTS 2016/2251. It also contains the PRA’s and the FCA’s final policy, in the form of amendments to the Binding Technical Standards (BTS) 206/2251.
Prudential Regulation Authority (PRA) annual assessment of the Credit Union sector
28 November 2025
This letter sets out the key findings from our annual assessment and the actions we expect you to take.
2025 list of UK firms designated as Other Systemically Important Institutions (O-SIIs)
28 November 2025
The PRA is required to identify Other Systemically Important Institutions (O-SIIs). The PRA has conducted its annual O-SII identification process for 2025, as set out in the statement of policy on the PRA’s approach to identifying O-SIIs. Based on its methodology for O-SII identification, the PRA has designated 13 firms as O-SIIs.
2025 list of UK headquartered Globally Systemically Important Institutions (G-SIIs)
28 November 2025
The PRA disclosure of UK headquartered Globally Systemically Important institutions (G-SIIs) for 2025.
Other systemically important institutions (O-SII) buffer rates for ring-fenced banks, large domestic banks, and large building societies
28 November 2025
The PRA has set the 2025 O-SII buffer rates for ring-fenced banks, large domestic firms, and large building societies.
Cross cutting publications
CP23/25 – Regulatory fees and levies: policy proposals for 2026/27 – Joint PRA and FCA consultation
21 November
On Friday 21 November the PRA and the FCA published a joint consultation, Chapter 4 of which proposes to update the invoice due dates for firms that pay £50,000 or more in PRA and FCA fees in a year (referred to as ‘payments on account’) to avoid invoices being labelled as overdue due to procedural issues.
Insurance publications and updates
DP2/25 – Alternative Life Capital: Supporting innovation in the life insurance sector
14 November 2025
This discussion paper (DP) sets out the PRA’s initial thinking and invites feedback on potential policy changes that could allow life insurers to transfer defined tranches of risk to the capital markets. The PRA is open to a range of innovative structures – including potential reforms to the Insurance Special Purpose Vehicle (ISPV) framework or approaches used successfully in other markets such as banking.
Life Insurance Stress Test: 2025 Results
17 November 2025
This is the first exercise conducted under the new Solvency UK regulatory regime implemented in 2024. The PRA published sector-level results on 17 November 2025 followed by individual firm disclosure for the core scenario on 24 November 2025.
The results of the 2025 life insurance stress test (LIST 2025) indicate that the sector is resilient to a severe financial market stress scenario that impacts insurers’ investment portfolios through a decline in risk-free interest rates, falls in equity and property prices, along with widening spreads and subsequent defaults and downgrades.
Deep, liquid, and transparent (DLT) assessment for January 2026 implementation
17 November 2025
Details of the outcomes of the annual DLT assessment for PRA relevant currencies, which will be effective from 1 January 2026.
More information
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