The Prudential Regulation Authority (PRA) has updated supervisory statement (SS) 16/16: The minimum requirement for own funds and eligible liabilities (MREL) – buffers and Threshold Conditions.  Updates aim to avoid potential ambiguity in SS16/16 caused by outdated links and text that does not align with the PRA’s and the Bank of England’s current approach. The updates to SS16/16 take effect immediately on publication of LIAF01/25 on 22 July 2025.

The Prudential Regulation Authority (PRA) has published its approach to the Life Insurance Stress Test (LIST) 2025 and opened its request for technical input on proposed scenario specifications, guidelines and instructions, and templates. Responses to the request for technical input will close on 6 September 2024, with early feedback encouraged.

The Prudential Regulation Authority (PRA) has published its 2024/25 business plan, setting out the workplan for each of the PRA’s strategic priorities, together with an overview of the PRA’s budget for 2024/25. The PRA has also published consultation paper CP4/24—Regulated fees and levies: Rates proposals for 2024/25. Responses are sought by 10 May 2024.

The Prudential Regulation Authority (PRA) has published its climate change adaptation report for 2025, responding to an invitation by the Department for Environment, Food & Rural Affairs (DEFRA) to participate in the fourth round of the climate change adaptation reporting power. The report sets out the response of the PRA to the risks posed by climate change to its operations and policy objectives in the period since October 2021, and outlines several areas of focus for the PRA in the coming months. It also outlines the steps taken by UK banks and insurers to manage climate risks since 2021. It highlights the PRA's evolving regulatory work, including a planned update to supervisory expectations in 2025 and continued collaboration with international partners to support the financial sector's transition to a net-zero emissions economy.

The Prudential Regulation Authority (PRA) has published consultation paper CP20/25 proposing targeted updates to its policy framework for third-country insurance branches operating in the UK. The consultation outlines a set of proposals to address newly identified inconsistencies across various areas following the reforms that were made under PS8/24, further streamline regulatory requirements, and clarify supervisory expectations. It is relevant to all third-country insurance undertakings operating, or seeking to operate, as branches in the UK, excluding Swiss general insurers. Responses are sought by 16 December 2025.

The Prudential Regulation Authority (PRA) has published a data request requiring firms to submit information on their current and projected cryptoasset exposures and their application of the Basel framework for the prudential treatment of cryptoassets by 24 March 2025.

The Prudential Regulation Authority (PRA) has published a table showing the outcomes of the annual deep, liquid and transparent (DLT) assessment for PRA relevant currencies, which will be effective from 1 January 2026. The assessment covers GBP, the EURO and the US and Canadian dollars.

The Prudential Regulation Authority (PRA) has published Discussion Paper 2/25, seeking views on potential policy changes to help UK life insurers access third-party capital beyond traditional equity or debt issuance. The paper explores Insurance Linked Securities (ILS), Significant Risk Transfers (SRTs) and life insurance sidecars to improve funding flexibility while maintaining policyholder protection. Responses are sought by 6 February 2026.

The Prudential Regulation Authority (PRA) has published policy statement PS25/25 containing final supervisory expectations for banks' and insurers' management of climate-related risks, replacing supervisory statement SS3/19 in its entirety with effect from 3 December 2025. The new supervisory statement SS4/25 applies to all UK banks, building societies, PRA-designated investment firms, insurance and reinsurance firms, including Solvency II firms and the Society of Lloyd's. Following consultation on CP10/25, which received 59 responses, the PRA has strengthened expectations across governance arrangements, risk management frameworks, climate scenario analysis, data quality and usage, and sector-specific requirements. Key changes include recognition that climate-related litigation risk may constitute a distinct transmission channel alongside physical and transition risks, clarifications on proportionate application of expectations based on firms' climate risk exposure rather than size alone, and updated requirements for integrating climate risks into Internal Capital Adequacy Assessment Process and Internal Liquidity Adequacy Assessment Process frameworks for banks and Own Risk and Solvency Assessment processes for insurers. Firms have six months to conduct internal reviews of their current status against the new expectations and develop implementation plans, with supervisors not requesting evidence of these assessments until after this review period ends.

The Prudential Regulation Authority (PRA) has published policy statement PS8/24, The PRA’s approach to the authorisation and supervision of insurance branches, which provides feedback to responses the PRA received to consultation paper CP21/23, The PRA’s approach to the authorisation and supervision of insurance branches, and includes the PRA’s final policy relevant for third-country insurance branches. The implementation date is 23 May 2024, other than that of the future version of supervisory statement SS44/15 which is 31 December 2024.

The Prudential Regulation Authority has published final policy, rules, and supervisory expectations implementing Basel 3.1 and setting the capital that banks and building societies must hold. The new regime will take effect from 1 January 2027, giving firms time to prepare. The Fundamental Review of the Trading Book (FRTB), and specifically the use of internal models by firms to calculate capital for market risk, will remain outstanding as the PRA considers developments in other jurisdictions.

The Prudential Regulation Authority has published final policy, rules, and supervisory expectations implementing Basel 3.1 and setting the capital that banks and building societies must hold. The new regime will take effect from 1 January 2027, except that the Fundamental Review of the Trading Book (FRTB), and specifically the use of internal models by firms to calculate capital for market risk, will take effect on 1 January 2028.