Top news and publications
- Prudential Regulation Authority Annual Report 2024/25
- Competitiveness and growth: The PRA’s second report
- PRA’s Cost Benefit Analysis Panel Annual Report 2024/25
- CP13/25 – Credit Union Service Organisations
- PS10/25 – PRA annual fees consultation for 2025/26 – final policy statement
- New approach to low impact rule and policy amendments
News and speeches
New approach to low impact rule and policy amendments
The PRA has introduced a more efficient approach to consulting on and making low impact amendments and minor corrections to its rules and policy materials – reducing burden on firms.
The Financial Services and Markets Act 2000 requires the PRA to consult publicly before making rules. Our new approach replaces the existing ‘Occasional Consultation Paper’ process for making low impact amendments to existing rules and policy materials, and enables the PRA to do this in a more efficient and proportionate way by:
- using a streamlined process to consult quickly and simply on low impact amendments to rules and policy materials;
- making low impact amendments without further consultation where appropriate; or
- promptly ‘correcting’ minor, obvious errors in the online PRA Rulebook, for clarity, and in advance of formally making the rule correction.
All low impact updates to rules and policy materials under the new approach will be published on a new web page in the prudential regulation section of the Bank’s website, as well as being incorporated into the PRA Rulebook as usual.
The first set of changes to rules and policy materials under this new approach will be published in late July, and we will provide information about these changes in the August edition of the PRA Regulatory Digest.
We expect to issue these low impact updates to our rules and policies several times a year.
If you have any questions about the new approach, please contact Enquiries@bankofengland.co.uk.
Innovation and regulation - striking the balance - speech by David Bailey
26 June 2025
David Bailey discussed how the PRA can support innovation in the UK banking and insurance sectors and how doing so can support firms becoming more resilient as well as promoting competition, UK competitiveness and growth.
Cross cutting publications
PS10/25 – PRA annual fees consultation for 2025/26 – final policy statement
30 June 2025
This policy statement (PS) is relevant to all firms that currently pay PRA fees or are expecting to do so within the 2025/26 fee year. The implementation date is 2 July 2025.
Prudential Regulation Authority Annual Report 2024/25
26 June 2025
The PRA Annual Report provides information about our activities for the year ending 28 February 2025.
The Annual Report also includes the Annual Report of the Prudential Regulation Committee to the Chancellor of the Exchequer on the adequacy of PRA resource and the independence of PRA functions.
Competitiveness and growth: The PRA’s second report
26 June 2025
A report on both of the PRA’s secondary objectives, covering the period from July 2024 to June 2025. Presented to Parliament pursuant to section 26 of the Financial Services and Markets Act 2023.
This is the second report the PRA has published to document its progress in implementing the SCGO and its existing secondary objective focused on promoting effective competition in markets for services provided by PRA-authorised firms in carrying out regulated activities (SCO). The report covers the PRA’s actions to advance the SCGO made during the period from July 2024 until June 2025, rather than the PRA’s forward-looking plans.
PRA’s Cost Benefit Analysis Panel Annual Report 2024/25
26 June 2025
The Cost Benefit Analysis (CBA) Panel is a statutory panel established to provide advice to the PRA and the Bank on the preparation of CBA. The Panel provides independent input to the PRA’s and the Bank’s CBAs, helping to support increased transparency and scrutiny of their policymaking. This report covers the period from 1 July 2024 to 28 February 2025.
PRA Insurance Practitioner Panel: Annual Report 2024/25
26 June 2025
The PRA Insurance Practitioner Panel (IPP) Annual Report covers the period of 1 March 2024 to 28 February 2025.
In 2024/25, the IPP has effectively represented the interests of insurance practitioners by considering and providing appropriate scrutiny on significant PRA policy and regulatory developments, which benefit from members’ input. This has been achieved through discussions at IPP meetings with relevant PRA and wider Bank of England (Bank) policy leads, senior management, and Prudential Regulation Committee (PRC) members. The feedback provided by the IPP has added value to the policymaking process and to the PRA’s objectives.
PRA Practitioner Panel: Annual Report 2024/25
26 June 2025
This PRA Practitioner Panel Annual Report covers the period of 1 March 2024 to 28 February 2025.
In 2024/25, the Panel continued to effectively represent the interests of practitioners by considering and providing appropriate scrutiny on significant PRA policy and regulatory developments, which benefit from the Panel’s input. This has been achieved through regular discussions with the relevant PRA and wider Bank policy leads, senior management, and PRC members at Panel meetings. The feedback provided by the Panel has added value to the policymaking process and to the PRA’s objectives.
Enforcement Decision Making Committee Report 2024/25
26 June 2025
This is the sixth Enforcement Decision Making Committee (EDMC) report of the Bank, covering the period of 1 March 2024 to 28 February 2025. Earlier reports are available on the Bank’s website. The EDMC works to strengthen the Bank’s enforcement processes by ensuring a functional separation in contested enforcement cases between investigation teams and executive on the one hand, and decision-makers on the other. The essence of the system is that decisions are taken by the EDMC independently.
Banking publications and updates
Updated Pillar 2 Templates (FSA075 & FSA080)
1 July 2025
From Tuesday 1 July 2025, the PRA has updated the version numbers of Pillar 2 Capital – Operational Risk (FSA075) and Pillar 2 Capital – Market Risk (FSA080) data items. The new versions are now available to download from the Banks website Banks, building societies and investment firms.
These data items will continue to be collected via the Bank of England Electronic Data Submission (BEEDS) portal.
For more information, please see notes on submitting the Pillar 2 data items via BEEDS.
CP13/25 – Credit Union Service Organisations
24 June 2025
This consultation paper (CP) sets out the PRA’s proposed rules and expectations in respect of credit unions that invest in, or wish to invest in, Credit Union Service Organisations (CUSOs). It also proposes other clarificatory amendments.
The proposals in the CP would result in changes to the Credit Unions Part of the PRA Rulebook and supervisory statement 2/23 – Supervising credit unions.
This consultation closes on Friday 24 October 2025.
Insurance updates
Solvency II
17 June 2025
In order to further consider responses to CP19/24 – Closing liquidity reporting gaps and streamlining Standard Formula reporting, the PRA revised its publication and implementation timelines. The final PS will be published by the end of Q3 2025 and the PRA is now targeting an implementation date for insurance liquidity reporting in the second half of 2026.
Life Insurance Stress Test (LIST) 2025
11 June 2025
The PRA ran a webinar setting out the objectives, scope, design and planned approach to disclosure for Life Insurance Stress Test 2025. The slides are available on the Life Insurance Stress Test (LIST) 2025 web page.
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: