Events listed in [PRA] Prudential Regulation Authority
Prudential Regulation Authority Annual Report 2022/23
ID 24063
The Bank of England and its Prudential Regulation Authority (PRA) have issued the Prudential Regulation Authority Annual Report 2022/23. The report presents – the key issues faced by the PRA in the previous year; – the key activities performed by the regulator in view of its business plan and strategy; – the PRA’s funding, resource availability, and independence status. The report also includes the ...
The Bank of England’s climate-related financial disclosure 2023
ID 24060
The Bank of England (BoE) has published the climate-related financial disclosure [report] 2023 in which it 1. outlines the key objectives of its climate strategy and revisions thereto for the upcoming year (please see Graphic 1 below), 2. presents its key activities in the past year to achieve these objectives and the goal to transition to net zero carbon emission by 2050, 3. presents ...
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 ...
CP11/23 – PRA statement on the review of rules
ID 23975
In view of the enactment of the Financial Services and Markets Act 2023 and the subsequent new powers and obligations of the Prudential Regulation Authority (PRA) as regards the review of retained EU regulations and the creation of new rules to replace existing EU law, the PRA has published a new consultation paper. In it, the PRA presents its proposed approach to the review ...
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 ...
CP12/23 – Review of Solvency II: Adapting to the UK insurance market
ID 23955
The Prudential Regulation Authority (PRA) has published a consultation paper, CP12/23, outlining proposed reforms to Solvency II, the prudent regulatory framework for insurers in the UK which was „overtaken“ from the EU following the exit from the European Union. The paper is the first of three planned consultation papers as part of the Solvency II review. The aim is to establish a new regulatory ...
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, ...
Results of the firm feedback survey 2022
ID 23843
The Prudential Regulation Authority, PRA, has published a press statement to inform of the outcome of its most recent survey among supervised firms to evaluate the PRA’s performance as a supervisor of banks, building societies, and insurance and reinsurance undertakings. In this survey, firms were provided a number of statements (please see Table 1 below) to which they should express their consent or dissent. ...
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 ...