Events listed in [PRA] Prudential Regulation Authority
Statistical Notice 2023/08
ID 25417
The Bank of England (BoE) has published a Statistical Notice (2023/08) to inform of an upcoming opportunity to test Form IPA submissions from October 30 to November 24, 2023 in the BEEDS UAT environment. This marks the final UAT testing period for Form IPA reporters before the new collection template becomes operational in December 2023. Form IPA request data on the volume of outstanding, ...
Real-Time Gross Settlement (RTGS) system and CHAPS Annual Report 2022/23
ID 25405
As part of its commitment to transparency and accountability, the Bank of England (BoE) has published the annual report 2022/2023 on the Real-Time Gross Settlement (RTGS) system and CHAPS, the Clearing House Automated Payment System. The report covers the period from April 1, 2022 to March 31, 2023 and – provides an overview of the RTGS and CHAPS services provided in this time period, ...
Bank of England welcomes release of BIS CPMI harmonised ISO 20022 data requirements ...
ID 25360
The Bank of England (BoE) has published a press statement in which it welcomes the release of the harmonized ISO 20022 data requirements for cross-border payments by the Bank for International Settlements (BIS) Committee on Payment and Market Infrastructures (CPMI) (please see eventid=23834 in this context for more information). This global standard for payment messaging is being adopted by payment systems worldwide, including the ...
Ring-fencing in financial networks
ID 25324
The Prudential Regulation Authority, PRA, has published a new working paper titled „Ring-fencing in financial networks“ in which it presents the findings from an analysis of the impact of ring-fencing on systemic risk in the UK banking system, particularly on the risk of solvency contagion among banking institutions. Ring-fencing was brought about by the Financial Services (Banking Reform) Act 2013 in an effort to ...
CP22/23 – Occasional consultation paper – October 2023
ID 25290
The Prudential Regulation Authority, PRA, has launched an occasional consultation paper CP22/23 on miscellaneous, non-material changes to the PRA Rulebook. This time, the consultation paper includes two proposed changes: one relating to the Financial Services Compensation Scheme (FSCS) and one to forms to be filed under the Senior Managers and Certification Regime (SM&CR) as described below: *(1) The PRA is proposing to amend Depositor ...
Financial Policy Summary and Record – October 2023
ID 25276
The Financial Policy Committee (FPC) has published its most recent Financial Policy Summary and Record – October 2023 which summarizes the Committee’s current risk assessment as far as vulnerabilities are concerned that may affect the stability of the UK financial market. The key issues identified by the FPC are briefly summarized below: (1) Overall risk assessment: According to the FPC, the global risk environment ...
Letters to credit unions: PRA annual assessment of the credit union sector – 2023
ID 25253
The Prudential Regulation Authority (PRA) has issued two supervisory letters each addressed at credit unions of varying sizes as regards the PRA’s annual assessment of the credit union sector and the PRA’s expectations of credit union actions in response to the current assessment. The key factors noted by the regulator are briefly outlined below; for more detailed comprehensive information, please refer to the following ...
CP21/23 – The PRA’s approach to the authorisation and supervision of insurance ...
ID 25205
Particularly in view of the approaching end of the Temporary Permissions Regime (TPR) on December 31, 2023, the Prudential Regulation Authority (PRA) has launched a new consultation (CP21/23) which is aimed at clarifying and providing more transparency on its approach towards the assessment of risks related to third-country insurance branches and thus towards authorization of such third country insurance branches in UK. The PRA ...
PRA statement on the dynamic general insurance stress test in 2025
ID 25200
The Prudential Regulation Authority (PRA) has published a statement to announce that in 2025, it plans to conduct a dynamic general insurance stress test with the following objectives: 1. Evaluate how well the insurance industry can handle a „specific adverse scenario“ in terms of solvency and liquidity. 2. Assess the effectiveness of insurers‘ risk management and their actions in response to such adverse events. ...
PRA Regulatory Digest – September 2023
ID 25188
The Prudential Regulation Authority (PRA) has published the latest version of its monthly regulatory digest (September 2023). 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 ...