Top news and publications
- PS25/25 – Enhancing banks’ and insurers’ approaches to managing climate-related risks – Update to SS3/19
- PS26/25 – Discontinuing SS20/15: Supervising building societies’ treasury and lending activities
- PS27/25 – Future banking data review: Deletion of banking reporting templates
- CP22/25 – UK Solvency II reporting and disclosure: Post-implementation amendments
- PRA letter to the Prime Minister – December 2025
News and speeches
PRA letter to the Prime Minister – December 2025
10 December 2025
The Prudential Regulation Authority’s (PRA) update to the Prime Minister on work to support economic growth.
Banking publications and updates
PS26/25 – Discontinuing SS20/15: Supervising building societies’ treasury and lending activities
5 December 2025
This PRA policy statement (PS) provides feedback to responses the PRA received to consultation paper (CP) 11/25 – Discontinuing SS20/15: Supervising building societies’ treasury and lending activities. This PS sets out the PRA’s final policy: to delete supervisory statement (SS) 20/15 – Supervising building societies’ treasury and lending activities in its entirety and without replacement. In addition, this PS makes consequential amendments to SS31/15 – The Internal Capital Adequacy Assessment Process (ICAAP) and the Supervisory Review and Evaluation Process (SREP), which is appended to this PS, arising from the deletion of SS20/15.
Mutuals landscape report
5 December 2025
This report has been informed by the PRA and FCA’s ongoing regulation and supervision of mutuals and by direct engagement with mutuals and their trade associations in sessions around the country throughout 2025.
PS27/25 – Future banking data review: Deletion of banking reporting templates
8 December 2025
This PRA PS provides feedback to responses the PRA received to CP21/25 – Future banking data review: Deletion of banking reporting templates. The PRA is reviewing its approach to banking regulatory reporting as part of the Future Banking Data (FBD) programme. The FBD programme aims to deliver tangible cost reduction in banking regulatory reporting in line with the PRA’s secondary competitiveness and growth objective, as well as improvements to the relevance, quality and timeliness of data collection.
Cross cutting publications
PS25/25 – Enhancing banks’ and insurers’ approaches to managing climate-related risks – Update to SS3/19
3 December 2025
This PRA PS provides feedback to responses the PRA received to CP10/25 – Enhancing banks’ and insurers’ approaches to managing climate-related risks – Update to SS3/19. It also contains the PRA’s final policy, as follows: SS5/25 – Enhancing banks' and insurers' approaches to managing climate-related risks.
Low impact amendments to PRA rules and policy
19 December
Last year, the PRA launched a more efficient approach to consulting on and making low impact amendments to rules and policy material, aimed at reducing burden on firms. The PRA is using this process to:
Insurance publications and updates
CP22/25 – UK Solvency II reporting and disclosure: Post-implementation amendments
4 December 2025
The PRA completed its review of Solvency II reporting and disclosure requirements with the publication of PS15/24 – Review of Solvency II: Restatement of assimilated law. The PRA considered that the resulting reforms removed a substantial volume of templates from the previous reporting package. Following implementation at the end of 2024, the PRA has received feedback and queries from firms regarding some of the reporting requirements. As a result, the PRA has identified areas requiring minor clarifications, as well as inconsistencies and errors that need to be addressed. The PRA has also self-identified some specific elements of the package that would benefit from adjustment to better mitigate specific risks. This consultation paper (CP) sets out the PRA’s proposals in these areas.
From magnifying glass to drone: using AI to spot reserving risks faster
5 December 2025
Artificial intelligence (AI) is now transforming how we identify reserving risks across the general insurance market. Traditionally, supervisors relied on manual reviews to spot under-reserving. By deploying AI models trained on thousands of reserving datasets, we can now scan the entire market landscape rapidly, codifying expert judgement and surfacing anomalies in weeks rather than months. This year’s application to 2024 data enabled earlier, sharper detection of issues prompting targeted follow-up with firms and improvements in data quality. Notably, AI-driven insights helped us distinguish between genuine risk signals and benign trends, with human oversight ensuring sound judgement remains central. Back-testing showed early AI flags often preceded later reserve strengthening, validating the approach. Looking ahead, continuous monitoring and human-in-the-loop oversight will be key as market conditions evolve. The result: more efficient, consistent supervision that supports market resilience, fair competition, and robust policyholder protection.
PRA Smaller Insurers Conference 2025 – Highlights
December 2025
Last year, we hosted the PRA’s 2025 Smaller Insurers Conference – our third annual event bringing together CEOs from Category 3 and 4 insurance firms.
Key themes from the conference
- Risk Outlook and Priorities for 2026 – We outlined the PRA’s view of the risk landscape and our supervisory focus for the year ahead.
- Operational Resilience, Exit Planning and Climate – Updates on how we’re supporting firms to strengthen resilience and manage long-term challenges.
- Breakout Sessions – Practical discussions on topics relevant to smaller insurers:
- Management & Governance: Plans to reform the Senior Managers and Certification Regime (SM&CR) to reduce complexity while maintaining accountability.
- Lloyd’s Managing Agents Oversight: Enhancing cooperation with Lloyd’s to streamline supervision and reduce duplication.
- Branches: Our approach to supervising branch operations.
- Mutuals: Supporting growth and sustainability in the mutual sector.
Our Commitment The event reinforced our commitment to a vibrant, competitive insurance sector. We aim to supervise in a way that is proportionate and tailored to firms’ needs. We encourage firms to stay engaged and reach out to their supervisors whenever necessary.
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 Insights – our internal analysis on important and topical issues
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: