Events listed in PRA Rulebook
PS11/23 – Credit Unions: Changes to the regulatory regime
ID 24395
The Prudential Regulation Authority, PRA, has published a new policy statement (PS11/23) in connection with credit unions following a corresponding consultation in September 2023. In this policy statement, the PRA briefly describes the responses it received to its consultation and the final rules and the new supervisory statement as they will apply from August 29, 2023. #### Background On September 21, 2022, the PRA ...
CP14/23 – Pillar 3 remuneration disclosure
ID 24281
On June 19, 2023, the Prudential Regulation Authority (PRA) released a new Consultation Paper (CP14/23), outlining its plans to „enhance“ the disclosure requirements for remuneration (compensation) under Pillar 3. Specifically, the PRA seeks to decrease the number of disclosures required by smaller banks and building societies, making their reporting and disclosure obligations more proportionate to their size. This consultation follows earlier ones in February ...
Stress testing the UK banking system: 2022/23 Annual Cyclical Scenario results
ID 24184
The Bank of England’s Prudential Regulation Authority (PRA) has released the results of the 2022/2023 annual cyclical scenario (ACS) stress test of banks and building societies. This latest stress test focused on a severely adverse macroeconomic situation with a persisting high inflation, further increases in global interest rates, an onsetting recession in UK with significantly higher unemployment, and a sharp decline in asset prices. ...
FSCS Levy Calculation Notes 2023/24 Final Rates [pdf]
ID 24117
The Financial Conduct Authority (FCA) has released the Financial Services Compensation Scheme (FSCS) Levy Calculation Notes 2023/24 Final Rates. The notes provide general information on the composition of the FSCS levy, namely the management expenses levy and the compensation costs levy. The first levy covers the costs for running the scheme and the second the costs incurred due to the compensations paid. The notes ...
PRA Regulatory Digest – June 2023
ID 23999
The Prudential Regulation Authority (PRA) has published the latest version (June 2023) of its monthly regulatory digest. The digest outlines the Authority’s ongoing regulatory activities ranging from the launch of consultations, to the issuance of policy statements, to the implementation of regulatory changes and provides links to corresponding (legal) documents. The regulatory digest presents a viable source of information to stay up-to-date on regulatory ...
PS7/23 – Depositor Protection
ID 23967
On July 3, 2023, the Prudential Regulation Authority (PRA) issued new Policy Statement (PS7/23) in response to Consultation Paper (CP9/22) in connection with the Deposit Guarantee Scheme (DGS), the Authority’s dormant account and continuity of access provisions, and the Financial Services Compensation Scheme (FSCS) which was issued in September 2022 (please see EventID 17591 in this context for more information). Specifically, this Policy Statement ...
PS8/23 – Regulated fees and levies: Rates proposals 2023/24
ID 23945
Following a corresponding consultation in April this year (please see EventID 20632 in this context for more information), the Prudential Regulation Authority (PRA) has now published a final Policy Statement (PS8/23) as regards (changes to) its fees and levies for the supervisory year 2023/24. In the Policy Statement, the Authority now outlines the feedback it has received to its consultation, which was overall highly ...
CP10/23 – Solvent exit planning for non-systemic banks and building societies
ID 23922
On June 28, 2023, the Prudential Regulation Authority (PRA) published a new Consultation Paper (CP10/23) entitled „Solvent exit planning for non-systemic banks and building societies“. In the consultation paper the PRA proposes to require non-systemic banks and building societies in the UK to prepare for an orderly „solvent exit“ and have the ability to execute such an exit if necessary. According to the Authority, ...
Follow up to the letter: Insights from PRA thematic review of general insurance ...
ID 23840
Following the publication of a „Dear CEO Letter“ in October 2022 as regards the consideration of rising claims (claims inflation) in the modelling of a (re)insurer’s capital needs and its assessment of reserve requirements – current and in the future (please refer to EventID 17794 in this context for more information), the Chief Actuary for General Insurance, Mr. Nylesh Shah, of the Prudential Regulation ...
PRA Regulatory Digest – May 2023
ID 23513
The Prudential Regulation Authority (PRA) has published the latest version (May 2023) of its monthly regulatory digest. The digest outlines the Authority’s ongoing regulatory activities ranging from the launch of consultations, to the issuance of policy statements, to the implementation of regulatory changes and provides links to corresponding (legal) documents. The regulatory digest presents a viable source of information to stay up-to-date on regulatory ...