Top news and publications
- CP11/26 – A tailored regime for captive insurance: industry roundtable summary published
- Letter from David Bailey 'Thematic feedback on accounting for IFRS 9 expected credit losses (ECL)'
- Prudential Regulation Authority Annual Report 2025/2026 – consultation update
News and speeches
Prudential Regulation Authority Annual Report 2025/2026 – consultation update
At least once a year the PRA must make a report to the Chancellor under Paragraph 19 of Schedule 1ZB. This is provided through the PRA Annual Report (AR). The contents of the AR must include, amongst other things:
- the discharge of the PRA’s functions
- the extent to which the PRA’s objectives have been advanced
- how the PRA has complied with the secondary competition and competitiveness and growth objectives
- its consideration of the regulatory principles in section 3B of FSMA
At least once a year the Prudential Regulation Committee must also make a report to the Chancellor in accordance with paragraph 19 of Schedule 6A of the Bank of England Act 1998 on (i) the adequacy of resources allocated, in the period to which the report relates, to the Bank’s functions as the PRA: and (ii) the extent to which the exercise of the Bank’s function as the PRA is independent of the exercise of its other functions.
The PRA must also report in general terms on the extent to which, in its opinion, ring-fenced bodies have complied with the ring-fencing provisions in section 142G of FSMA and are making use of exceptions to excluded activities and prohibitions in ring-fencing legislation.
Under Paragraph 20, members of the public are invited to make representations to the PRA on:
- the PRA Annual Report
- the way in which the PRA has discharged its functions during the period to which the report relates
- the extent to which, in their opinion, the PRA’s objectives have been advanced (including its secondary objectives under section 2H FSMA), and the PRA has considered the regulatory principles to which it must have regard when carrying out certain of its functions (contained in section 3B of FSMA)
Paragraph 21 sets out that the PRA must publish a report about its consultation on the Annual Report, containing an account, in general terms, of any representations received pursuant to paragraph 20. The report must be published not later than 4 months after the date on which the Annual Report was published.
The PRA AR was published on 25 June 2026 and the closing date for receiving representations on the AR was 25 September 2026.
No comments or representations were received for the PRA AR 2025/26.
Letter from David Bailey 'Thematic feedback on accounting for IFRS 9 expected credit losses (ECL)'
30 September 2026
The PRA published a letter that was sent 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 2026 covering firms' processes for IFRS 9 expected credit loss accounting, including data governance, model risk and climate risk.
The PRA research compendium
28 August 2026
The PRA recently published a research compendium. It brings together a selection of PRA-relevant research papers published between 2015 and 2024. The compendium provides a guide to how research has informed prudential policy and analysis, including through policy discussions, supervisory work, analytical tools, and international regulatory engagement.
Banking publications and updates
Bank of England Banking taxonomy
27 August 2026
The PRA published the Bank of England Banking taxonomy v4.1.1. This corrective update addresses the technical defects detailed in the Banking known issues log and consolidates the reporting requirements from v4.0.0 and v4.1.0, which have been removed from the regulatory reporting website. We have also published updated entry-point SchemaRefs for PRA001 and PRA116. Firms reporting against these entry-points must adopt v4.1.1. The Bank of England Banking taxonomy v4.1.1 will take effect from Friday 1 January 2027.
Update to Modernising the Liquidity Policy Framework timing
The PRA’s publication of the policy statement (PS) to consultation paper (CP) 5/26 is now expected to be in Q1 2027, rather than Q4 2026 as originally planned. The PRA will take account of this in finalising its proposals, including in respect of the timing of implementation of the final policy.
Insurance publications and updates
CP11/26 – A tailored regime for captive insurance: industry roundtable summary published
17 September 2026
The PRA has published a summary of the industry roundtable held on 17 September 2026 in relation to CP11/26 – A tailored regime for captive insurance. The consultation proposes a tailored and proportionate regime for UK single-parent captives, including a streamlined PRA/FCA authorisation process with a target of four to six weeks, lower capital and reporting requirements and appropriate safeguards. The roundtable provided stakeholders with an opportunity to ask questions and seek clarification on the proposals. The consultation closes on 14 October 2026.
Bank of England Insurance taxonomy v2.2.0
2 September 2026
The PRA published the Bank of England Insurance taxonomy v2.2.0 on 02 September 2026.
In PS18/26 – Solvency UK: Post-implementation reporting and disclosure amendments and Own Funds permissions update, the PRA finalises the policy proposals set out in CP22/25 – UK Solvency II reporting and disclosure: Post-implementation amendments, together with the PRA’s policy in Proposal 1 of CP4/26 – UK Solvency II Own Funds: Updates and fixes to rules and expectations. The policy will apply to reporting reference dates falling on or after 31 December 2026.
Version 2.2.0 introduces the new MALIR reporting framework, associated entry points and modules, and implements reporting requirements arising from PS18/26 and other PSs referenced in the PRA Rulebook. The updated and new frameworks (DIS, IR, IMO, MAL) become effective from Friday 1 January 2027 and apply to reporting reference dates on or after 31 December 2026.
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 Insights – our internal analysis on important and topical issues.
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: