Top news and publications
- PS8/25 – Updates to the UK policy framework for capital buffers
- PS9/25 – Changes to the UK ISPV regulatory framework
- PS11/25 – Amendments to PRA Rulebook and FCA Guidance on the de minimis threshold for the Loan to Income flow limit in mortgage lending
- PS12/25 – Restatement of CRR and Solvency II requirements in PRA Rulebook – 2026 implementation
- PS13/25 – The PRA’s implementation of the Bank Resolution (Recapitalisation) Act
- PS14/25 – Amendments to the Large Exposures Framework – Part 1
- CP15/25 – Resolution planning: Amendments to MREL reporting
- CP16/25 – Disclosure: resolvability resources, capital distribution constraints and the basis for firm Pillar 3 disclosure
- CP17/25 – Basel 3.1: Adjustments to the market risk framework
- CP18/25 – Review of the Senior Managers and Certification Regime (SM&CR)
- CP19/25 – CRR Definitions: restatement in PRA Rulebook
- DP1/25 – Residential mortgages: Loss given default (LGD) and probability of default (PD) estimation
News and speeches
2025 Firm Feedback exercise
The PRA will again be seeking firms’ views on the effectiveness and quality of our supervisory framework and approach through the annual Firm Feedback Exercise. As the regulatory landscape evolves, we want to understand both what firms think works well and what we might do differently. Firms will be offered a chance to provide feedback on a number of topics, including:
- the PRA’s understanding of firms;
- firms’ understanding of the PRA’s regulatory objectives and expectations;
- the PRA’s level of challenge to firms;
- the effectiveness of the PRA’s relationship with firms;
- the PRA’s coordination with other regulators and data requests;
- the clarity and accessibility of prudential policy, rules, and requirements;
- the Secondary Competitiveness and Growth Objective;
- accessibility of the PRA Rulebook; and
- views on improvements the PRA could make to its publications to enhance their usefulness.
The format of the exercise will be similar to previous years and firms will be asked to complete a survey. Responses will be assessed by a team independent of day-to-day supervision, which will also hold follow up meetings with a cross-section of firms. The results of the exercise will be reported to the Prudential Regulation Committee and PRA senior management. A summary will also be published in the 2026 PRA Annual Report and on the PRA website. This year, for the first time, we aim to include all PRA-regulated firms in the exercise.
The survey will be sent out in the second half of August. We very much welcome and value your participation in the exercise.
Extension to consultation deadline for CP12/25
August 2025 update
On 22 May 2025,the PRA published CP12/25 Pillar 2A review – Phase 1. Responses were requested by 5 September 2025. The PRA also proposed that the implementation date for the changes to pension obligation risk (set out in Chapter 4) and market risk and counterparty credit risk (Chapter 5) would be Monday 2 March 2026.
The PRA has now extended the consultation period to 30 September 2025. This is in response to feedback that respondents might benefit from extra time to develop their responses to the CP, particularly given other on-going consultations that close in early September. Along with the extension of the consultation period to 30 September 2025, the PRA also proposes that the implementation date for the changes to pension obligation risk and market risk and counterparty credit risk would now be 1 July 2026, rather than 2 March 2026.
The implementation date for the remaining proposals in the CP concerning credit risk (set out in Chapter 2) and operational risk (Chapter 3) would continue to be aligned with the date of the PRA’s implementation of the Basel 3.1 standards (1 January 2027), as initially proposed.
Extension to consultation deadline for CP17/25
August 2025 update
On 15 July 2025, the PRA published CP17/25 – Basel 3.1: Adjustments to the market risk framework. Responses were requested by 5 September 2025. The PRA has now extended the consultation period to 12 September 2025. This is in response to feedback that respondents might benefit from extra time to develop their responses to the CP, while recognising the proposed implementation timelines for the full B3.1 package.
O-SII buffer rates for ring-fenced banks and large building societies
29 July 2025
The PRA has reissued the 2024 O-SII buffer rates for ring-fenced banks and large building societies to reflect the FPC’s updated O-SII buffer framework.
Speed of regulatory approvals
15 July 2025
The PRA takes seriously its responsibility to meet the deadlines set out in legislation for processing regulatory applications and in 2023 increased the frequency and granularity of reports on its performance.
Cross cutting publications
Low impact amendments to PRA rules and policy material
22 July 2025
In PRA Regulatory Digest – June 2025, the PRA announced a more efficient approach to consulting on and making low impact amendments to rules and policy material, aimed at reducing burden on firms.
The new approach enables the PRA to make low impact amendments in a more efficient and proportionate way – either using a streamlined consultation process or, where appropriate, without further consultation.
The PRA is consulting on three low impact changes to rules and has also made the first set of changes using the new process.
In LIAC01/25 the PRA is consulting on:
- An amendment to the definition of ‘parent undertaking’ in the Solvency II Firms Sector of the PRA Rulebook.
- An amendment to the Internal Capital Adequacy Assessment (ICAA) Part of the PRA Rulebook.
- The deletion of the Benchmarking of Internal Approaches Part of the PRA Rulebook.
The consultation closes on Tuesday 2 September 2025.
In LIAF01/25, the PRA made the following minor updates and corrections without further consultation:
- Minor corrections following publication of final Solvency II rules.
- Amendments to supervisory statement (SS) 16/16 –The minimum requirement for own funds and eligible liabilities (MREL) – buffers and Threshold Conditions.
Please contact [email protected] to respond to the consultation or with any questions about the new process.
Banking publications and updates
This discussion paper (DP) sets out the PRA’s preliminary considerations, and seeks feedback and supporting evidence, on a range of possible policy changes to the treatment of residential mortgage exposures under the internal ratings based (IRB) approach to credit risk.
In this CP, the PRA sets out proposed PRA Rulebook Glossary definitions that would replace definitions in Articles 4, 4A, 4B, and 5 of the CRR for the purposes of the PRA Rulebook. The PRA proposes to expressly define certain terms in the PRA Rulebook Glossary that are currently implicitly defined in other provisions of the CRR. The PRA also proposes to make consequential amendments across the PRA Rulebook that are related to the transfer of CRR definitions into the PRA Rulebook Glossary.
The PRA is proposing to restate the vast majority of the CRR definitions in the PRA Rulebook without changes in substance. The PRA does, however, in a few areas propose targeted improvements to enhance the clarity of the definitions, with no material change to policy.
SS3/25 – Identification of groups of connected clients for large exposures purposes
17 July 2025
This supervisory statement (SS) sets out the PRA’s expectations in relation to the approach firms should take when grouping two or more clients into a ‘group of connected clients’. This statement should be read in conjunction with the requirements in the Large Exposures (CRR) Part of the PRA Rulebook and the high-level expectations outlined in the PRA’s approach to banking supervision.
CP14/25 – Amendments to Resolution Assessment threshold and Recovery Plans review frequency
15 July 2025
Firms must prepare for resolution so that they can be resolved with minimal disruption to the services that they provide to customers and the economy. The PRA keeps relevant requirements under review to ensure that they remain proportionate and fit-for-purpose, based on the PRA’s and the Bank’s experience of operating the framework and wider developments. The policy changes proposed in this CP reflect that experience and seek to ensure that the frameworks remain calibrated appropriately for the risks they address and that the burden on firms is proportionate.
The PRA holds Future Banking Data roundtable
1 July 2025
On 19 May, the PRA hosted a round table with Chief Financial Officers (CFO) of the largest, most systemic firms operating in the UK to discuss the Future Banking Data (FBD) project.
Insurance updates
More information
Bank Underground – a blog for Bank of England staff to share views that challenge – or support – prevailing policy orthodoxies. The views expressed here are those of the authors, and are not necessarily those of the Bank of England or its policy committees.
Bank Overground – the purpose of Bank Overground is to share our internal analysis. Each bite-size post summarises a piece of analysis that support a policy or operational decision.
Explainers – from interest rates and inflation through to bank failures and financial crises, Explainers uses everyday examples and engaging visuals to bring economics to life.
European and International developments – readers are referred to the following websites: