Tag Archives: PRA

Treasury Committee and PRA exchange Brexit letters

Nicky Morgan, new Chair of the Treasury Committee, and Sam Woods of PRA have exchanged letters on Brexit planning. The PRA response explained PRA’s work in assessing the scenarios that might have the biggest impact on its objectives – such as a hard Brexit with no ongoing cross-border market access. PRA has received over 400 […]

PRA consults on fees and levies for insurers and designated investment firms

PRA has published a consultation paper on model transaction fees, fees and FSCS levies for insurers and fees for designated investment firms. The consultation paper is relevant to  insurers and designated investment firms, as well as firms which have, or intend to apply in the future for, Solvency 2 or CRR models. The consultation paper sets […]

FCA updates on motor finance work

FCA has published further details of what it is doing to identify potential consumer harm in the motor finance market. It notes most new car finance is in the form of a Personal Contract Purchase, which is a form of hire purchase under which the value of the car at the end of the contract […]

PRA releases consultation on the minimum requirement for own funds and eligible liabilities (MREL) – buffers – CP15/17

The PRA has today published a CP on its proposed expectations regarding the relationship between MREL and buffer requirements, including the consequences of not meeting these. The CP is relevant to all PRA regulated banks, building societies and PRA designated investment firms. The consultation, which can be found here closes on 29 September 2017.

BOE releases consultation on extension of SM&CR to insurers

Today the PRA has published proposals to extend the Senior Managers and Certification Regime (SM&CR) to insurers. These proposals seek to implement a consistent but proportionate regulatory framework to strengthening individual accountability and promoting effective corporate governance for all PRA-regulated firms. In March 2016 the PRA implemented the Senior Insurance Managers Regime. The proposals would […]

PRA updates rules

PRA has published feedback on its Occasional Consultation Paper 2/17 and its consultation on regulatory reporting, together with finalised rules and policy statements. The new rules cover: minor amendments to the rules on the SMR, remuneration and ringfencing, with updated forms and templates for reporting, new guidance on regulatory reports and an updated supervisory statement […]

PRA issues consultation paper on Pillar 2 Liquidity

PRA has published Consultation Paper CP13/17 on Pillar 2 liquidity which includes the following proposals: for a cash flow mismatch risk (CFMR)  and other PRA methodologies for assessing firms’ liquidity risk; A new liquidity reporting template which is based on the EBA ML reporting template; and Updating PRA’s Supervisory Statement (SS) 24/15 and SS34/15 draft reporting […]

PRA publishes new consultation on pillar 2a capital requirements and disclosure

On Wednesday 12 July the PRA published CP12/17 ‘Pillar 2A capital requirements and disclosure, that sets out proposed adjustments to the PRA’s Pillar 2A capital framework. It is relevant to all banks, building societies and PRA-designated investment firms. The purpose of these proposals is to bring greater clarity, consistency and transparency to the PRA’s capital setting approach. In promoting […]

Sam Woods speaks on importance of supervision

Sam Woods has given a speech at the Building Society Association Annual Conference on why supervision matters. The speech was given in May, but has just been published. Among the key points covered were: Supervision is distinct from regulation. Regulation concerns the framework of rules and legal standards which govern the way firms operate, whereas supervision […]

PRA publishes its Annual Report and Accounts for 2017/2017

PRA’s Annual Report and Accounts for 2016/2017 outlines how it  delivered this year’s business aims, including: Continuing to develop and implement the forward‑looking, judgement‑based supervisory regime; Supporting the Bank in delivering its financial stability and monetary policy objectives; Implementing changes to domestic, European and international regulation; Continuing to devise and influence the domestic and international […]