The Prudential Regulation Authority (PRA) has published a speech by its executive director for prudential policy, David Bailey, discussing PRA consultation paper CP7/24—The Strong and Simple Framework, and its capital-related aspects for small banks and building societies. Bailey says benefits of the package include targeted and proportionate changes to simplify the capital regime, which will promote competition, competitiveness and growth.

The Prudential Regulation Authority (PRA) has written to the Chief Executive Officers of firms regulated by the PRA in the UK insurance sector, outlining its 2025 priorities. The letter emphasises the need for robust governance, risk management, and controls to identify, analyse, and mitigate risks. It highlights the completion of the Solvency II review and the implementation of Solvency UK reforms, which aim to spur a vibrant, innovative, and internationally competitive insurance sector, protect policyholders, and support long-term investments.

The Prudential Regulation Authority (PRA) has sent letters to the Chief Executive Officers of UK deposit takers and international banks and designated investment firms active in the UK, its key objectives for 2025.

The Prudential Regulation Authority (PRA) has sent Dear CEO letters setting out its supervisory priorities in 2024 for international banks, UK deposit takers and the insurance sector.

The Prudential Regulation Authority (PRA) has published policy statement PS11/24, Regulated fees and levies: Rates proposals 2024/25, setting out the fee rates to meet the PRA’s 2024/25 annual funding requirement (AFR) for the financial period 1 March 2024 to 28 February 2025, and amendments to the Fees Part of the PRA Rulebook.

The Prudential Regulation Authority (PRA) has published policy statement PS12/25—Restatement of CRR and Solvency II requirements in PRA Rulebook—2026 implementation. The PRA has also published a statement of policy (SoP) on its approach to considering applications from PRA-authorised persons not to apply rules, or to apply them with modifications, under section 138BA of the Financial Services and Markets Act 2000 (FSMA).

The Prudential Regulation Authority (PRA) has published a statement on Remuneration Benchmarking and Remuneration High Earners reporting templates. The statement advises firms on the PRA’s approach to the templates, as part of the European Banking Authority (EBA)’s Taxonomy 2.10.

This Practice Note sets out the Prudential Regulation Authority’s (PRA) powers to take regulatory action through supervisory intervention or formal enforcement against PRA-authorised firms where the PRA considers a firm has breached a requirement or regulatory rule imposed by the PRA. It considers the PRA’s powers under the Financial Services and Markets Act 2000 (FSMA 2000) of supervisory intervention—voluntary variations or requirements (VVOPs/VREQs) and own-initiative variations or requirements (OIVOPs/OIREQs) and of enforcement—financial penalties, public censures and the suspension (or restriction) of regulatory permissions. It also summarises the PRA’s approach to taking such action under its statements of policy, including the general principles that guide the choice of regulatory response. For information on the PRA’s enforcement process and decision-making on statutory notices, see Practice Note: PRA supervisory intervention and enforcement process and for its approach to information gathering and the PRA’s Early Account Scheme (EAS) necessary for subjects to access the PRA’s Enhanced Settlement Discount (ESD), see Practice Note: PRA enforcement essentials—information gathering and the Early Account Scheme. For information on publicity around PRA

This Practice Note describes the operation of the Prudential Regulation Authority (PRA)’s formal administrative processes under the Financial Services and Markets Act 2000 (FSMA 2000), in particular Part XXVI (Notices), and the PRA’s relevant statements of policy and procedure for reaching decisions. These decisions may take the form of supervisory intervention, such as the variation or imposition of requirements, or formal enforcement action, such as the imposition of a public censure or financial penalty, against PRA-authorised firms or individuals. This Practice Note outlines the PRA’s decision-making processes for issuing statutory notices under FSMA 2000 (Supervisory Notices, Warning Notices, Decision Notices, Final Notices and Notices of Discontinuance). It also explains the opportunities for subjects to make representations, including oral representations, at a hearing before a PRA decision-making committee such as the Supervision, Risk and Policy Committee (SRPC) or the Enforcement Decision Making Committee (EDMC). The PRA’s enforcement powers were extended by the Securitisation Regulation 2024 (SI 2024/102) to firms involved in securitisation which are not PRA-authorised. The Securitisation Regulations 2024, Schedule 1, paragraph 12 applies,

The Bank of England (BoE) has announced that the Prudential Regulation Authority (PRA) will publish its second and last set of near-final Basel 3.1 rules on 12 September 2024. At the same time, it will also publish a consultation paper covering the capital-related aspects of its Strong and Simple regime for smaller firms.

The Prudential Regulation Authority (PRA) has announced that it is reviewing the leverage ratio requirement thresholds and is offering a modification by consent, where certain conditions are met, to disapply the relevant part of the PRA Rulebook until the review is complete.

The Prudential Regulation Authority (PRA) has extended the consultation period for CP12/25 – Pillar 2A Review – Phase 1 to 30 September 2025. It has also proposed a revised implementation date of 1 July 2026 for changes relating to pension obligation risk, market risk and counterparty credit risk. The implementation date for proposals on credit risk and operational risk remains 1 January 2027.