The Prudential Regulation Authority (PRA) has published a further policy statement setting out the PRA’s final policy on elements of the Solvency UK policy.  PS3/24 Review of Solvency II: Reporting and disclosure phase 2 near-final, sets out the PRA’s final reporting and disclosure policy and provides feedback to responses to the PRA’s consultation paper (CP)14/22—Review of Solvency II: Reporting phase 2, and Chapter 7:  Reporting and disclosure in CP12/23—Review of Solvency II: Adapting to the UK insurance market. The PRA anticipates that firms should be able to commence implementation based on the near final policy set out in PS3/24.  As part of PS3/24, the PRA has also published a new statement of policy on Solvency II regulatory reporting waivers. The implementation date of PS3/24 is 31 December 2024, which is also the date the new statement of policy comes into effect.

The Prudential Regulation Authority (PRA) has published the insurer-specific results for the 2025 Life Insurance Stress Test (LIST 2025).  The results are contained in Annex 4 to the sector-wide findings published on 17 November 2025. Annex 4 sets out detailed outcomes for 11 participating UK life insurers, including changes in solvency capital requirement (SCR) coverage, SCR and Eligible Own Funds as of 31 December 2024 and the effects of management actions under the core stress scenario.

The Prudential Regulation Authority (PRA) has published a 'Dear Chief Risk Officer' letter by its executive director of insurance supervision, Gareth Truran, to share its view of the potential risks arising from the use of solvency-triggered termination rights clauses (STTRs) in bulk purchase annuity (BPA) transactions and its assessment of how firms are mitigating those risks. The letter follows a thematic review of STTRs, which allow pension scheme counterparties to terminate BPA buy-in arrangements if an insurer’s solvency position falls below a defined threshold. The PRA notes that while these clauses are becoming more common, they may introduce financial and operational risks, particularly in stressed conditions, and could affect firms’ liquidity, asset composition and matching adjustment (MA) portfolios.

The Prudential Regulation Authority (PRA) has published four consultation papers, a policy statement and two supervisory statements relating to the UK’s prudential regime, including the PRA’s near-final Basel 3.1 rules, in a package which aims to support the UK’s growth and competitiveness, the resilience of the banking system, and alignment with global standards. The implementation date for the Basel 3.1 standards is 1 January 2026 with a four-year transitional period. Responses to the consultation papers are sought by 12 December 2024.

The Prudential Regulation Authority (PRA) has published policy statement PS20/25—The Strong and Simple Framework: The simplified capital regime for Small Domestic Deposit Takers (SDDTs)—near-final, alongside PS19/25—Restatement of CRR requirements—2027 implementation and PS18/25—Retiring the refined methodology to Pillar 2A—near-final. The PRA also updated supervisory statement SS31/15—The Internal Capital Adequacy Assessment Process (ICAAP) and the Supervisory Review and Evaluation Process (SREP) and statement of policy SoP5/15—The PRA’s methodologies for setting Pillar 2 capital to reflect changes to Pillar 2A methodologies and the retirement of the refined methodology. The implementation date for final rules and policy materials is 1 January 2027, and firms eligible for the SDDT regime must notify the PRA of their intent to opt in by 31 March 2026.

The Prudential Regulation Authority (PRA) has published policy statement PS10/25, confirming its final policy on regulated fees and levies for the 2025/26 fee year, following consultation paper CP8/25. The policy sets out the fee rates required to meet the PRA’s Annual Funding Requirement (AFR) of £336.4m and Total Funding Requirement (TFR) of £350.2m for the period from 1 March 2025–28 February 2026. The AFR is £7.7m higher than proposed in the consultation due to increased allocations from the Bank of England’s central support and investment portfolio costs, partially offset by a reduction in pensions provision. The PRA received three responses to the consultation, which were generally supportive of the proposed changes. The implementation date for the PRA Rulebook: PRA Fees Amendment Instrument 2025 is 2 July 2025.

The Prudential Regulation Authority (PRA) has published policy statement PS8/25, setting out its final policy on amendments to the UK capital buffers framework. The changes follow consultation paper CP10/24, published in September 2024, and aim to streamline certain policy materials for improved clarity and usability. A key update is the introduction of a new statement of policy (SoP) outlining the PRA’s approach to identifying Global Systemically Important Institutions (G-SIIs) and setting G-SII buffers. PS8/25 also includes amendments to SoPs of Other Systemically Important Institutions (O-SIIs) reporting instructions for G-SII buffer rates, and consequential changes to PRA rules and technical standards. The changes will take effect from 31 July 2025, in line with the commencement of the Capital Buffers and Macro-prudential Measures Regulations, SI 2025/572.

The Prudential Regulation Authority (PRA) has published a Policy Statement PS20/24 on solvent exit planning for insurers, responding to the feedback received on the consultation paper CP2/24. The PRA also published a Supervisory Statement SS11/24, setting out the PRA's expectations for UK insurers to prepare for an orderly 'solvent exit' as part of their business-as-usual activities, and to be able to execute a solvent exit if needed.

The Prudential Regulation Authority (PRA) has published policy statement PS4/24, PRA statement on the review of rules, providing feedback on the responses to consultation paper CP11/23 of the same name. This PS also contains the PRA’s final statement on the review of rules (see the appendix), which the PRA is required to publish under section 3RB of the Financial Services and Markets Act 2000 (FSMA). Its implementation date is 21 February 2024.

The Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) have published PRA policy statement ‘PS17/24 – Responses to CP6/24: OCP policy statement’ and FCA policy statement PS24/13: Joint PRA and FCA Consequential Amendments to BTS 2016/2251. PRA PS17/24 provides feedback to responses the PRA received to consultation paper (CP) 6/24 – Occasional consultation paper: April 2024. FCA PS24/13 sets out finalised changes to the UK EMIR bilateral margin requirements with the  CP6/24 was a joint consultation with the Financial Conduct Authority (FCA) (FCA Consultation paper 24/10).

The Prudential Regulation Authority (PRA) has published policy statement PS22/25, finalising changes to the retail deposits threshold for the application of the leverage ratio requirement. The final policy increases the retail deposits threshold for the application of the leverage ratio requirement from £50bn to £75bn (exceeding the £70bn originally proposed) and introduces a three-year averaging mechanism for calculating firms' retail deposits, while other elements remain as consulted on in consultation paper CP2/25. Amendments are made to the Leverage Ratio (CRR) Part of the PRA Rulebook and supervisory statement SS45/15 - The UK leverage ratio framework. The policy takes effect on 1 January 2026, with existing modifications by consent ceasing on 30 June 2026.

The Prudential Regulation Authority (PRA) published Policy Statement PS24/25 on depositor protection, responding to the feedback received on the consultation paper CP4/25. The Policy Statement confirms that from 1 December 2025 the Financial Services Compensation Scheme (FSCS) deposit protection limit will increase from £85,000 to £120,000 per depositor, per authorised firm. Firms are required to update related systems and disclosure materials by 31 May 2026. The increase reflects updated inflation data and forms part of the PRA’s programme to ensure the rulebook remains current.