Top news and publications
- CP20/25 – Insurance third-country branches: policy implementation and other updates
- CP21/25 – Future banking data review: Deletion of banking reporting templates
- PS15/25 – Closing liquidity reporting gaps and streamlining Standard Formula reporting
News and speeches
The PRA proposes reduced reporting requirements for banks
22 September 2025
The Prudential Regulation Authority (PRA) announced a major simplification of banking data reporting, proposing the removal of 37 templates inherited from European Union regulations. This marks the first deliverable of the Future Banking Data initiative, aimed at reducing regulatory burdens while maintaining supervisory effectiveness.
The announcement highlights the PRA’s commitment to proportional regulation and its strategic focus on supporting growth. The consultation will run until Wednesday 22 October 2025, with changes expected to take effect o
Future Banking Data Roundtable – UK Finance and BSA
22 September 2025
The PRA and the Bank of England convened a roundtable with representatives from non-systemic UK banks and building societies, coordinated by UK Finance and the Building Societies Association. The session focused on gathering industry feedback on how long-term reporting can be made more proportionate and cost-effective.
This roundtable is part of a broader series of engagements under the Future Banking Data initiative. Insights from these discussions will inform future reforms to regulatory reporting, aiming to reduce burdens while maintaining supervisory effectiveness.
Letter from David Bailey ‘Thematic feedback on accounting for IFRS 9 expected credit losses (ECL)’
30 September 2025
Letter to chief financial officers of selected PRA-regulated deposit-takers which provides thematic feedback from the PRA’s review of written auditor reports received in 2025 covering IFRS 9 expected credit loss accounting (ECL) and accounting for climate risk.
PRA introduces sequential numbering for statements of policy
The PRA has implemented a new numbering system for its statements of policy (SoPs), adopting a sequential annual format that aligns with the approach used for other policy publications such as consultation papers (CPs), policy statements (PSs) and supervisory statements (SSs). This change applies retrospectively to all valid SoPs dating back to 2013 and will continue going forward. The updated numbering is now reflected across the PRA’s webpages and the PRA Rulebook, ensuring consistent identification and easier referencing of policy materials.
Banking publications and updates
Version 3.7.0 of the Bank of England Banking XBRL Taxonomy
8 September 2025
On Monday 8 September 2025, the PRA published the Banking Taxonomy v3.7.0, setting out the technical implementation of the reporting requirements expressed in PS5/25 – Identification and management of step-in risk.
CP21/25 – Future banking data review: Deletion of banking reporting templates
22 September 2025
As part of the Future Banking Data (FBD) programme, the PRA proposes to delete 37 regulatory reporting templates, including 34 Financial Reporting (FINREP) templates and three others deemed obsolete. These deletions aim to reduce reporting burdens and improve data relevance, quality, and timeliness.
The proposals will amend the PRA Rulebook and SS34/15, with implementation targeted for Wednesday 31 December 2025. The initiative is expected to save firms approximately £26 million annually and aligns with the PRA’s secondary objectives of competitiveness and growth.
Insurance publications and updates
CP20/25 – Insurance third-country branches: policy implementation and other updates
16 September 2025
This CP sets out proposals to refine and consolidate the PRA’s third-country branch policies for insurance undertakings. Building on reforms introduced in 2024, the PRA aims to enhance proportionality and regulatory clarity for international insurers operating in the UK. Key proposals include increasing the subsidiarisation threshold from £500 million to £600 million, embedding reporting waivers into the PRA Rulebook, and clarifying expectations around Own Risk and Solvency Assessment (ORSA) and resolution reporting.
The changes are designed to streamline the regulatory framework, reduce compliance burdens, and support the PRA’s secondary objective of competitiveness and growth. Implementation is expected by 31 December 2026, with updates to multiple supervisory statements and Rulebook Parts.
PS15/25 – Closing liquidity reporting gaps and streamlining Standard Formula reporting
30 September 2025
This PS sets out the PRA's final policy on liquidity reporting requirements and the removal of the expectation for Internal Model (IM) life insurance firms to submit Standard Formula (SF) Solvency Capital Requirement (SCR) data annually. The PRA aims to close liquidity reporting gaps for major insurance firms with significant exposure to derivatives or securities involved in lending or repurchase agreements. This need for enhanced data and oversight has been underscored by market stress events, including the March 2020 'dash for cash' at the onset of the Covid-19 pandemic, and the September 2022 liability-driven investment (LDI) crisis. The final policy includes amendments to the Reporting Part of the PRA Rulebook, the introduction of new reporting templates, and changes to SS15/16 – Solvency II: Monitoring model drift and standard formula SCR reporting for firms with an approved internal model. The implementation date for the liquidity risk reporting requirements is set for 30 September 2026.
PRA Regulatory Digest readership survey
To help us better understand our readership and improve the PRA Regulatory Digest, we are inviting feedback through a dedicated readership survey. Please take the survey.
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: